Northern Trust Corporation is a financial holding company operating primarily through its subsidiary, The Northern Trust Company, headquartered in Chicago, Illinois. The company provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals. It operates through two main segments: Asset Servicing and Wealth Management, supported by its Asset Management business.
Asset Servicing offers services including custody, fund administration, investment operations outsourcing, and banking services, managing $14.36 trillion in assets under custody/administration as of December 31, 2023. Wealth Management targets high-net-worth individuals and families with services such as trust, investment management, and private banking, managing $1.04 trillion in assets under custody/administration. Asset Management provides investment solutions, including separately managed accounts and collective investment funds, managing $1.43 trillion in assets. The company's primary revenue is generated through these services, catering to a global client base and focusing on recurring, fee-based income.