Trust, investment and other servicing fees at Chicago-headquartered Northern Trust fell by $57.9 million, or 10 per cent, to $543.5 million in the second quarter of this year from the same period in 2009, the firm said yesterday.

The fall primarily reflected reduced securities lending revenue due to a lower level of asset valuation loss recoveries, and a higher level of waived fees in money market mutual funds. Trust, investment and other servicing fees accounted for 56 per cent of second quarter revenues, Northern Trust said in a statement yesterday.

Trust, investment and other servicing fees from corporate and institutional services fell by 19 per cent from the year-ago quarter to $316.0 million, primarily reflecting a decline in securities lending revenue, partially offset by higher custody, fund administration and investment management fees, the bank said.

For Northern Trust as a whole, it logged second quarter net income per common share of $0.82, compared with net income per common share of $0.64 in the first quarter of 2010 and $0.95 per common share in the second quarter of 2009. Net income was $199.6 million in the current quarter, compared with net income of $157.2 million in the first quarter and $314.2 million in the prior year’s second quarter.

The bank had a total of $603 billion of assets under management at the end of June this year, up 8 per cent year-on year; assets under custody stood at $3.552 trillion, an increase of 11 per cent, the firm said.