For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 16,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.
Our guiding principles not only survived but thrived during the Great Depression, two world wars and the 2008 financial crisis. We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.
As of December 31, 2017, Northern Trust Corporation had:
Michael O’Grady, President and Chief Executive Officer, commented, “Our fourth quarter performance capped off a strong year. Both revenue and fee growth for the quarter were 15% and substantial across all of our businesses. The quarter represented our sixth consecutive quarter of accelerating fee growth on a year-over-year basis, reflecting the powerful combination of favorable macroeconomic conditions and organic growth.
Our full year performance resulted in record net income and improvements in profitability and returns. We ended the year with assets under custody/administration of $10.7 trillion and assets under management of $1.2 trillion, up 26% and 23%, respectively, compared to the prior year. During 2017, our C&IS business acquired UBS Asset Management’s fund administration units in Luxembourg and Switzerland, our Wealth Management business was named the Best Private Bank in the U.S. by the Financial Times Group for the eighth time in the last nine years, and our Asset Management business surpassed $1 trillion in assets under management. We also returned a record $895.6 million to common shareholders, through increasing our quarterly common stock dividend to $0.42 per share and repurchasing 5.8 million shares. We commend the extraordinary efforts of all of our employees for contributing to these results and, as we begin 2018, we will continue to focus on profitably growing our business.”