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Northern Trust Corporation Reports Third Quarter Net Income Of $178.8 Million, Earnings Per Common Share Of $0.73

Trust, investment and other servicing fees, which represented 62% of revenue, were $601.9 million in the current quarter, up $46.6 million, or 8%, from $555.3 million in the prior year quarter. The increase primarily reflects new business as well as lower waived fees on money market mutual funds.

Assets under custody and assets under management are the primary drivers of our trust, investment and other servicing fees. The following table provides Northern Trust’s assets under custody and assets under management by business segment.
           
September 30, June 30, September 30, % Change % Change
($ in Billions)   2012   2012   2011   Q3-12/Q2-12   Q3-12/Q3-11
Assets Under Custody
Corporate & Institutional $ 4,331.9 $ 4,152.7 $ 3,813.3 4 % 14 %
Personal     429.5     411.2     358.8   4     20  
Total Assets Under Custody   $ 4,761.4   $ 4,563.9   $ 4,172.1   4 %   14 %
 
September 30, June 30, September 30, % Change % Change
($ in Billions)   2012   2012   2011   Q3-12/Q2-12   Q3-12/Q3-11
Assets Under Management
Corporate & Institutional $ 565.6 $ 528.4 $ 481.0 7 % 18 %
Personal     184.1     175.9     163.2   5     13  
Total Assets Under Management   $ 749.7   $ 704.3   $ 644.2   6 %   16 %
 

Trust, investment and other servicing fees in Corporate & Institutional Services (C&IS) increased $23.5 million, or 8%, to $334.4 million in the current quarter from the prior year quarter’s $310.9 million.
                         
  Q3   Q3  

Change Q3 2012
($ In Millions)   2012   2011  

from Q3 2011
C&IS Trust, Investment and Other Servicing Fees  
Custody and Fund Administration $ 214.4 $ 205.6 $ 8.8 4 %
Investment Management 73.2 64.6 8.6 13
Securities Lending 23.8 20.7 3.1 15
Other     23.0     20.0     3.0   15  
Total   $ 334.4   $ 310.9   $ 23.5   8 %
 

Custody and fund administration fees, the largest component of C&IS fees, increased 4%, primarily reflecting new business. C&IS investment management fees increased 13%, reflecting new business and lower waived fees in money market mutual funds. Money market mutual fund fee waivers in C&IS, attributable to persistent low short-term interest rates, totaled $6.5 million in the current quarter, compared to waived fees of $10.1 million in the prior year quarter. Securities lending revenue increased 15%, primarily reflecting higher spreads in the current quarter.

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