Key Stats
Northern Trust operates as a financial holding company providing asset servicing, fund administration, asset management, and banking solutions globally. The company serves corporations, institutions, families, and individuals through two main business units.
The Corporate and Institutional Services unit delivers asset servicing, asset management, securities lending, brokerage, and banking services to corporate retirement funds, foundations, endowments, fund managers, insurance companies, and sovereign wealth funds. The Personal Financial Services unit focuses on high net worth individuals and families, offering trust, investment management, custody, and private banking services.
Northern Trust History
Northern Trust Founder
Northern Trust Acquisitions
Northern Trust has strategically expanded its capabilities through targeted acquisitions over the decades. The company acquired Baring Asset Management in 1995, strengthening its international investment management presence.
In 2003, Northern Trust purchased Deutsche Bank’s Global Trust Services, expanding its institutional custody business. The acquisition of Bank of Ireland Securities Services in 2011 enhanced the company’s European fund administration operations.
The 2011 acquisition of Omnium from Citadel brought approximately $70 billion in assets under administration and established Northern Trust Hedge Fund Services. This transaction provided industry-leading hedge fund administration technology and expertise in middle-office support.
In 2017, Northern Trust completed a significant acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland. This deal brought $413 billion in assets under custody and over 200 employees, positioning Northern Trust as a leading administrator in both countries.
The company acquired BEx LLC in November 2018 for $37.6 million to strengthen its Global Foreign Exchange business. In May 2021, Northern Trust acquired Parilux Investment Technology, an Edison-based portfolio management solutions provider, further enhancing its technology capabilities.
Northern Trust Competitors
Northern Trust operates in the highly competitive financial services sector, facing competition from major institutions offering similar wealth management, asset servicing, and custody services. The company differentiates itself through specialized expertise and long-term client relationships.
| Competitor | Primary Business |
|---|---|
| JPMorgan Chase | Investment banking, asset management, custody services |
| State Street Corporation | Asset servicing, investment management, data analytics |
| BNY Mellon | Investment management, custodial services, wealth management |
| Goldman Sachs | Investment banking, asset management, securities |
| Citigroup | Transaction services, securities services, treasury solutions |
| Morgan Stanley | Wealth management, institutional securities, investment management |
| UBS | Wealth management, asset management, investment banking |
| Wells Fargo | Banking, wealth management, investment services |
| BlackRock | Investment management, risk management, advisory services |
| Fidelity Investments | Asset management, brokerage services, retirement solutions |
Northern Trust Revenue
Northern Trust generated $8.29 billion in revenue for 2024, representing 22.88% growth from the previous year. The company’s revenue streams include trust fees, asset management fees, securities lending, foreign exchange, and net interest income from banking operations.
Northern Trust Market Cap
As of October 2025, Northern Trust holds a market capitalization of $24.30 billion, ranking it as the world’s 936th most valuable company. The company maintains strong capital levels well above regulatory minimums with consistent profitability.
FAQs
When was Northern Trust founded?
Northern Trust was founded on August 12, 1889 by Byron Laflin Smith in Chicago, opening with 6 employees and $137,981 in deposits on its first day.
What services does Northern Trust provide?
Northern Trust provides asset servicing, fund administration, asset management, wealth management, custody, trust services, private banking, and fiduciary solutions to institutions and high net worth individuals globally.
How much assets does Northern Trust manage?
As of December 2024, Northern Trust manages $1.6 trillion in assets under management and administers $16.8 trillion in assets under custody for clients worldwide.
Who is the current CEO of Northern Trust?
Michael O’Grady serves as Chairman, President and Chief Executive Officer of Northern Trust since 2018, joining the company in 2011 from Bank of America Merrill Lynch.
Where is Northern Trust headquartered?
Northern Trust is headquartered at 50 South La Salle Street in Chicago, Illinois, occupying the same location since moving to permanent headquarters in 1905.
