Wealth management fees rise at Northern Trust
US bank Northern Trust said today fees from its wealth management operations increased in the second quarter compared with the same period last year, despite the downturn in the US economy.
The bank said wealth management fees were also up for the first six months, compared with last year, although it did not provide detailed figures.
Trust, investment and other servicing fees in its personal financial services division, which includes wealth management, were up 5% in the second quarter at $235m, compared with last year. The bank attributed the increase to new business wins, partly offset by lower market valuations.
Overall, the bank delivered a 24% increase in revenues in the second quarter compared to the same period last year, at $1.09bn.
The bank acquired US wealth management Lakepoint Investment Partners last month.
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