Northern Trust Competitors, Marketcap, Revenue, Net Worth, 2025

Darius

13 years ago

Key Stats

Founded in 1889 by Byron Laflin Smith in Chicago with 6 employees and initial deposits of $137,981

Manages $1.6 trillion in assets under management as of December 2024

Administers $16.8 trillion in assets under custody as of December 2024

Operates in 24 U.S. states and 22 international locations with approximately 24,000 employees globally

Generated $8.29 billion in revenue for 2024 with a market capitalization of $24.30 billion as of October 2025

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

1889

Byron Laflin Smith founded The Northern Trust Company on August 12 in Chicago’s Rookery Building with $1 million capital from 27 shareholders including Marshall Field and Philip D. Armour

1891

Created the first life insurance trust in the nation, pioneering the concept of managing life insurance proceeds as assets

1905

Moved to permanent headquarters at 50 South La Salle Street designed by Frost and Granger

1912

Introduced employee life insurance plan, among the first of its kind in the United States

1913

Implemented pension plan for employees, demonstrating commitment to workforce benefits

1914

Solomon Albert Smith succeeded his father as bank president at age 37, becoming Chicago’s youngest bank president

1962

Became one of the first financial institutions to process checks electronically in the nation

1969

Opened London office, becoming the first Illinois-chartered financial institution to establish a branch outside the United States

1974

Advanced systems positioned the company as leading provider of independent master trustee services following ERISA passage

1982

Formed Wealth Management Group to serve family offices with global custody and asset management solutions

1998

Established Northern Trust Global Investments to provide focused investment management capabilities for personal and institutional clients

2011

Completed acquisition of Omnium from Citadel, expanding hedge fund administration services

2017

Acquired UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland with $413 billion in assets

2018

Michael O’Grady became Chairman and Chief Executive Officer, leading strategic expansion initiatives

2020

Entered strategic alliance with BlackRock utilizing Aladdin platform for mutual clients

Northern Trust Founder

Byron Laflin Smith

Founded Northern Trust Company on August 12, 1889 in Chicago. One of Chicago’s most respected bankers, Smith opened the bank with a commitment to service, expertise, and integrity. He worked without pay for the first six years to establish the business. Smith contributed 40% of the initial $1 million capital and recruited prominent Chicago business leaders as shareholders. He died in March 1914, passing leadership to his son Solomon Albert Smith.

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.