Northern Trust Corporation reports developments across wealth management, asset servicing, asset management and banking for institutions, corporations, affluent families and individuals. News about Northern Trust commonly covers client mandates for global custody, securities lending, fund administration, depositary services, investment operations outsourcing and accounting services, including work with public retirement systems and ETF platforms.
Recurring updates also include Northern Trust Universe performance data for pension and institutional investment plans, wealth management leadership and Global Family Office activity, quarterly financial results, common and preferred stock dividends, and technology collaborations that support investment operations workflows and reporting.
The Northern Trust Universe reported minimal gains for U.S. institutional investment plans in Q3 2021, with a median return of just 0.2%. Volatile equity markets hit record highs but ended flat for the quarter. Foundations and Endowments had a median return of 0.9%, while Public Funds returned 0.4%, and Corporate ERISA pension plans saw no gain at 0.0%. The report highlighted that U.S. equity allocations make up 23.2% of ERISA plan assets, and the median exposure to U.S. fixed income for Public Funds stood at 21.0%.
Northern Trust has introduced a new feature in its Front Office Solutions platform that enhances efficiency in alternative asset servicing. This machine learning tool automates the tagging of research management documents, allowing asset allocators to manage thousands of files more effectively. The initiative aims to streamline portfolio management and reduce human error while improving operational alpha. With assets under custody reaching US$15.8 trillion, this innovation aligns with their commitment to leveraging advanced technologies in the asset management sector.
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Northern Trust Wealth Management announced the addition of Marty Morris as a Senior Portfolio Manager in its Foundation & Institutional Advisors (FIA) practice based in Chicago. Morris brings extensive experience from his previous roles at Chicago Equity Partners and Bank of America, focusing on investment solutions for nonprofit organizations. The FIA group specializes in investment management for foundations, endowments, and nonprofit institutional investors, enhancing Northern Trust's capacity in this sector. As of September 30, 2021, Northern Trust manages $372.9 billion in assets.
Broadridge Financial Solutions (NYSE: BR) and Northern Trust (Nasdaq: NTRS) have partnered with Emerald Technology Ventures to utilize Broadridge's Private Market Hub, leveraging blockchain technology for enhanced transparency in private equity. This innovative platform provides real-time data and automates workflows across fund lifecycle management. Emerald has migrated four funds to this hub, allowing for transparent interactions and efficient fund management. This collaboration aims to address growing investor interest in private assets and enhance operational structures.
During the third quarter, the median Canadian Pension Plan realized a return of 0.6%, with a year-to-date return of 4.8%, amid a challenging global equity market environment. Factors like rising inflation, slowing growth, and issues in China contributed to market volatility. The S&P/TSX Composite Index achieved a modest gain of 0.2%, while U.S. equities advanced 2.9% in CAD. The Canadian economy created 157,000 jobs in September, lowering the unemployment rate to 6.9%.
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50 South Capital Advisors has announced its first investment through the North Dakota Growth Fund in Lewis & Clark AgriFood, a venture capital firm focused on food and agriculture innovation. The firm aims to support companies at the growth stage that are poised for national or global scaling. Northern Trust, the parent company of 50 South Capital, has substantial assets under management and custody totaling $1.5 trillion and $15.8 trillion respectively as of September 30, 2021. This investment highlights the importance of North Dakota’s agriculture industry.
Northern Trust Corporation (NTRS) announced its third quarter 2021 financial results. As of September 30, 2021, the firm managed assets under custody/administration totaling US$15.8 trillion and assets under management of US$1.5 trillion. A quarterly earnings conference call is scheduled for October 20, 2021, at 9:00 a.m. CT, with a recording available shortly after. Northern Trust continues to be a key player in wealth and asset management, demonstrating over 130 years of financial expertise and exceptional service.
Northern Trust Corporation (Nasdaq: NTRS) has declared a quarterly cash dividend of $0.70 per share, payable on January 1, 2022, to shareholders of record by 5:00 p.m. on December 10, 2021. Additionally, a cash dividend of $293.75 per share for its Series E preferred stock will be paid on the same date to record holders by 5:00 p.m. on December 15, 2021. The company also announced a new stock repurchase authorization of up to 25 million shares, replacing the previous authorization from July 2018.