Northern Trust reported that wealth management assets under management totaled $211.6 billion at end-September 2013, a year-on-year and quarterly increase of 15 and 4 per cent respectively.

Total AuM reached $846.2 billion during this year’s third quarter, up from $803 billion at June 30, 2013, and up 13 per cent from $749.7 billion a year ago. In the second quarter, total AuM slipped from $810.2 billion to $803 billion, although it was up 14 per cent year-on-year.

“Revenue growth in the third quarter reflects a solid increase in trust, investment and other servicing fees,” said Frederick Waddell, chairman and chief executive at the he New York-listed wealth management firm.

Trust, investment and other servicing fees in wealth management came to $288.2 million in the current quarter, increasing $20.7 million, or 8 per cent, from $267.5 million in the prior year quarter. For this quarter, such fees were down 2 per cent from $293.1 million in Q2 2013, which the firm said was primarily due to higher waived fees on money market mutual funds.

“The increased fees in the current quarter are primarily due to new business and the favorable impact of equity markets on fees, partially offset by higher waived fees in money market mutual funds,” Northern Trust said in its latest earnings release.

Northern Trust Corporation reported third quarter 2013 net income of $206.5 million, an increase of 15 per cent from $178.8 million in the prior year third quarter, and up 8 per cent from $191.1 million in Q2 2013.

Consolidated revenue of $1.05 billion in this year's third quarter was up $74.7 million, or 8 per cent, from $972.5 million in Q3 2012. Non-interest income, which the firm said represented 77 per cent of revenue, increased $83.3 million, or 11 per cent, to $810.2 million from $726.9 million a year ago. The latter primarily reflects higher trust, investment and other servicing fees; other operating income; and foreign exchange trading income, Northern Trust said. 

In this year's third quarter, Northern Trust named Drake Jackman as managing director of its international wealth advisory team in Miami, FL. Jackman is charged with growing Northern Trust’s international business in Miami and beyond, while providing ultra high net worth clients across Latin America with wealth management, trust and banking services.