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 March 31, 2017, Northern Trust Corporation had:
Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Northern Trust's first quarter revenue increased 8% compared to one year ago, reflecting strong growth in trust, investment and other servicing fees and net interest income. Assets under custody/administration and assets under management ended the quarter up 13% and 11%, respectively, compared to a year ago, primarily driven by higher markets and our continued success in winning new business. The net interest margin on a fully taxable equivalent basis improved to 1.35% from 1.21% one year ago.
We use our strong capital position to pursue our strategic initiatives that meet our clients' complex financial needs. One recent example is our agreement to acquire UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, which will broaden our scale, products and market reach across Europe.”