Northern Trust, the Chicago-based banking group that provides custody and related services for wealth managers and other financial firms, said it suffered a net loss of $129.4 million in the third quarter of this year, a 162 per cent drop from a year ago.

Trust, investment and other servicing fees fell by 7 per cent year-on-year to $474.9 million, while total fees income increased by 2 per cent to $672 million. Third-quarter consolidated revenues rose by 5 per cent to $938.5 million.

Fees from assets under management dropped by 6 per cent over the year to $68.2 million, Northern Trust said in a statement. Assets under custody fell by 15 per cent to $3.2 trillion.