Northern Trust (NASDAQ: NTRS), a leading provider of financial services for institutions, affluent individuals and families, has been named Best Private Bank in the United States by Professional Wealth Management and The Banker magazines, both published by the Financial Times Group. This marks the third consecutive year in which the two magazines named Northern Trust Best Private Bank in the U.S. Northern Trust was also highly commended in the Best Private Bank for Customer Service category.
"Northern Trust showed a healthy increase in managed assets during 2010," PWM Editor in Chief Yuri Bender said. "The judging panel noted the positioning of advisory teams in regional offices to serve clients at a local level, based on Northern Trust's strong heritage in allocating assets, both tactically and strategically. The judges were also impressed by the bank's policy of diversifying assets, using all types of portfolio components and the application of a thorough due diligence screen when it came to product selection."
"We're honored that Northern Trust received this award for providing outstanding service and high-quality private banking solutions to our clients," said Jana Schreuder, President of Northern Trust Personal Financial Services. "At Northern Trust, we earn the trust of our clients every day. It is this commitment, combined with our strength, stability and innovative investment platform, that drives our continued success in the marketplace."
The awards were presented by Professional Wealth Management and The Banker at an October 27th ceremony in Geneva, Switzerland. Submissions were judged by a panel of eight industry experts based in North America, Asia and Europe. They gave awards based on an in-depth review of quantitative and qualitative information provided by applicants, including data on key performance indicators such as past and current assets under management and cost to income ratios.