The Chicago-headquartered group has issued its second-quarter financial figures.

Northern Trust yesterday announced second-quarter net income of $331.8 million, down a touch from $334.6 million in the prior quarter and $396.2 million a year earlier. 

Second quarter 2023 results included the following: $38.7 million of pre-tax severance-related charges (after-tax $29.2 million), and $25.6 million pre-tax charge related to the write-off of an investment in a client capability (after-tax $19.3 million). 

Total assets under management at the Chicago-headquartered firm stood at $1.365 trillion at the end of June, up 5 per cent on a year ago. Total assets under custody rose 6 per cent to $11.284 trillion, the group said in a statement. 

Within its trust, investment and servicing business, fees dipped 4 per cent year-on-year to $1.096 billion in Q2 2023. Within this figure, the global family office’s trust, investment and servicing fees fell 5 per cent to $91.3 million.