Overview
Northern Trust Corporation is a Chicago-based financial services company that provides asset servicing, wealth management, asset management and banking to institutions, corporations, families and individuals. Its two client-focused business segments are Asset Servicing and Wealth Management, supported by its investment management capabilities. Services include custody and fund administration for institutional clients, as well as investment, fiduciary and banking services for private clients.[1][2][3][4]
Northern Trust describes its aim as helping clients turn plans into action and reach their goals. Its principal bank was founded in 1889, and the corporation became its holding company in 1971. At the end of 2025, Northern Trust had approximately 23,800 full-time-equivalent employees and offices in 24 U.S. states and Washington, D.C., as well as locations across Canada, Europe, the Middle East and Asia-Pacific. It reported $8.1 billion in revenue for 2025.[5][6][7][8][9] [1][2][3][4][6][7][8][10][5][9]
Products & services
Northern Trust’s Asset Servicing offerings include custody, fund administration, investment-operations outsourcing, investment-risk analytics, securities lending, foreign exchange, treasury management, brokerage and cash management. Its Matrix Data Platform provides normalized investment data through feeds, a client portal and real-time sharing; Front Office Solutions combines portfolio analysis, data integration and research workflows for institutional investment teams.[11][12][13]
Wealth Management offers trust and custody services, investment management, estate administration, philanthropy advice, family-office consulting, brokerage, and private and business banking. Its Global Family Office services include data aggregation and performance-reporting technology for families and family offices. Northern Trust Asset Management offers equity, fixed-income, multi-asset and alternative strategies through active and index approaches, including FlexShares exchange-traded funds.[14][15][16][17]
Trust, investment and other servicing fees accounted for approximately 59% of Asset Servicing revenue and 66% of Wealth Management revenue in 2025.[18] [11][14][18][18][18][18][12][13][15][16][17]
Geographic presence
Northern Trust Corporation is headquartered in Chicago, Illinois. It provides financial services through offices in 24 U.S. states and Washington, D.C., and 22 locations across Canada, Europe, the Middle East and Asia-Pacific. Its operating and support facilities include locations in London, India, Ireland and the Philippines.[19]
In 2025, customers domiciled in the United States accounted for $5.65 billion, or 70%, of revenue; customers domiciled outside the United States accounted for $2.43 billion, or 30%. Northern Trust’s non-U.S. activities principally involve asset servicing, asset management, foreign exchange, cash management and commercial banking. The revenue split is based on customer domicile and involves allocation estimates, rather than a separate geographic reporting structure.[20][21] [19][20][20][20][20][21]
Business segments
Northern Trust reports two client-focused segments: Asset Servicing and Wealth Management. Asset Servicing serves institutional investors, including retirement funds, endowments, insurers and fund managers, with custody, fund administration, investment operations, securities lending, foreign exchange, banking and related services. It generated approximately 59% of consolidated revenue in 2025.[22][9]
Wealth Management serves high-net-worth individuals and families, business owners and other targeted clients through trust, investment management, custody, estate and family-office services, brokerage and private banking. It generated approximately 42% of consolidated revenue in 2025. Asset Management supports both client-focused segments rather than being reported separately; its revenue and expenses are allocated to them.[23][2][24][9]
Northern Trust also reports an “Other” category for items not allocated to the two client-focused segments. Its 2025 revenue was negative $55 million, or approximately −1% of consolidated revenue, so that percentage is not a measure of a standalone client business.[2][9] [22][23][2][24][18][18][25][25][9]
Company history
Northern Trust was founded in Chicago in 1889 by Byron Laflin Smith as a bank serving individuals and organizations.[26] By the early 1960s, its deposits approached $1 billion, and it established a UK presence in 1969.[27][28] In 1982, Northern Trust created a specialized division to serve wealthy families and family offices.[29]
William A. Osborn became chief executive in 1995.[30] Northern Trust expanded its institutional investment business through the 1997 acquisition of ANB Investment Management and Trust, a manager of passive investments, and its fund-administration and custody capabilities through the 2005 acquisition of Baring Asset Management’s Financial Services Group.[31][32] Frederick H. “Rick” Waddell succeeded Osborn as chief executive in 2008.[30] [26][27][28][29][30][31][32]
Sources
- NORTHERN TRUST CORP — Full financial report (2025 Y)
- www.northerntrust.com[5]
- www.sec.gov[9]
- NORTHERN TRUST CORP — Full financial report (2024 Y)[11][14]
- www.northerntrust.com[12]
- www.northerntrust.com[13]
- www.northerntrust.com[15]
- corporate.northerntrust.com[16]
- www.flexshares.com[17]
- Stride, Inc. — Full financial report (2023 Y)[22]
- milestonespast.com[26]
- www.encyclopedia.chicagohistory.org[27]
- find-and-update.company-information.service.gov.uk[28]
- www.northerntrust.com[29]
- www.sec.gov[30]
- jpmorganchaseco.gcs-web.com[31]
- www.sec.gov[32]
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