The firm posted net income per diluted common share of $1.10, compared to $0.75 in Q2 2014 and $0.94 in the previous quarter.

Analysts anticipated $0.96 in per-share profit on $1.16 billion in revenue, according to Thomson Reuters.

Revenue of $1.26 billion was up $174.2 million, or 16 per cent, from $1.08 billion in the prior-year quarter.

The prior-year quarter included pre-tax charges of $32.8 million for severance and related costs, as well as for the realignment of the company's real estate portfolio and $9.5 million of software write-offs. Excluding these charges and write-offs, net income per diluted common share, net income and return on average common equity were $0.87, $209.8 million and 10.6 per cent, respectively, it said.

Wealth management assets under management were $232 billion at June 30, up 4 per cent year-on-year, while wealth management trust, investment and other servicing fees totaled $324.8 million, increasing by $13.3 million, or 4 per cent, from $311.5 million in Q2 2014.

Of note this quarter, in June Northern Trust recruited Paul Lee from AB Bernstein Private Wealth Management for a top post within its wealth advisory services group in New York.

Meanwhile, yesterday, the firm said that Thomas Richards, chairman, president and chief executive of CDW Corporation, has been elected to its board of directors.