Northern Trust Corporation (NTRS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe des services financiers mondiaux, Northern Trust Corporation apparaît comme une puissance sophistiquée, naviguant stratégiquement en gestion de patrimoine et en banque institutionnelle avec une précision remarquable. Grâce à son modèle de modèle commercial méticuleusement conçu, la société révèle un écosystème complexe de partenariats, de technologies de pointe et de solutions financières sur mesure qui s'adressent aux particuliers et aux clients institutionnels du monde entier. En mélangeant de manière transparente les plateformes numériques avancées avec la gestion des relations personnalisées, Northern Trust s'est positionné comme une institution financière de premier plan qui transforme les paradigmes bancaires traditionnels en expériences dynamiques et centrées sur le client.

Northern Trust Corporation (NTRS) - Modèle d'entreprise: partenariats clés

Institutions financières mondiales et banques d'investissement

Northern Trust entretient des partenariats stratégiques avec les institutions financières mondiales suivantes:

Institution partenaire	Type de partenariat	Portée de collaboration
Goldman Sachs	Banque d'investissement	Services de gestion des actifs transfrontaliers
JPMorgan Chase	Services de garde	Règlement international de valeurs mobilières
Citibank	Banque de transactions mondiale	Administration des fonds multi-marchés

Fournisseurs de technologie pour les solutions bancaires numériques

Les partenariats technologiques clés comprennent:

• Microsoft Azure - Cloud Infrastructure Services
• IBM - Solutions de cybersécurité et d'IA
• Salesforce - Gestion de la relation client
• Finastra - plateformes logicielles bancaires

Entreprises de gestion de patrimoine et de maintien des actifs

Collaborations stratégiques avec des entreprises spécialisées:

Entreprise partenaire	Aire de service	Valeur de collaboration annuelle
Blackrock	Gestion des investissements	127 millions de dollars
Conseillers mondiaux de la rue State	Entretien d'actifs	98 millions de dollars

Conformité réglementaire et consultants en cybersécurité

Réseau de partenariat de conformité et de sécurité:

• Deloitte - Conseil de conformité réglementaire
• PWC - Advisory de gestion des risques
• McKinsey & Société - Évaluation des risques de technologie stratégique

Services professionnels et cabinets comptables

Partenariats de services professionnels:

Entreprise partenaire	Spécialisation des services	Champ de fiançailles
Ernst & Jeune	Audit financier	Vérification mondiale de la conformité
Kpmg	Avis fiscal	Stratégie fiscale internationale

Northern Trust Corporation (NTRS) - Modèle d'entreprise: activités clés

Gestion de la patrimoine et services bancaires privés

Northern Trust gère 1,5 billion de dollars d'actifs de gestion de patrimoine au quatrième trimestre 2023. L'entreprise dessert individus à haute nette le revenu annuel des ménages dépassant 5 millions de dollars.

Catégorie de service	Total des actifs sous gestion	Valeur nette moyenne du client
Gestion de patrimoine privée	352 milliards de dollars	25 millions de dollars
Services bancaires personnels	218 milliards de dollars	12 millions de dollars

Entretien des actifs et administration des investissements

Northern Trust administre 12,4 billions de dollars d'actifs mondiaux en 2023, avec une présence internationale importante.

• Services de garde mondiale pour 1 900 clients institutionnels
• Administration de fonds pour 4 700 fonds d'investissement
• Portefeuille de prêts en valeurs mobilières d'une valeur de 475 milliards de dollars

Solutions bancaires d'entreprise et institutionnelles

Le segment des services bancaires d'entreprise génère 1,8 milliard de dollars de revenus annuels avec des services financiers spécialisés.

Service bancaire	Volume total des transactions	Revenus annuels
Banque commerciale	875 milliards de dollars	642 millions de dollars
Banque institutionnelle	1,2 billion de dollars	1,158 milliard de dollars

Services de gestion des investissements et de conseil

Northern Trust gère 1,3 billion de dollars d'actifs d'investissement sur les marchés mondiaux.

• Gestion des investissements institutionnels pour 1 200 clients
• Stratégies d'investissement alternatives totalisant 287 milliards de dollars
• Portefeuille d'investissement ESG d'une valeur de 124 milliards de dollars

Technologie et développement de plate-forme numérique

Les investissements technologiques ont atteint 525 millions de dollars en 2023, en se concentrant sur la transformation numérique.

Zone d'investissement technologique	Dépenses annuelles	Utilisateurs de plate-forme numérique
Plateformes bancaires numériques	187 millions de dollars	350 000 utilisateurs
Infrastructure de cybersécurité	142 millions de dollars	N / A
IA et apprentissage automatique	96 millions de dollars	250 solutions implémentées

Northern Trust Corporation (NTRS) - Modèle d'entreprise: Ressources clés

Expertise financière mondiale étendue

Northern Trust Corporation possède 1,4 billion de dollars d'actifs sous gestion au quatrième trimestre 2023. La société opère dans 23 pays avec 22 000 employés dans le monde.

Catégorie d'expertise	Métriques quantitatives
Gestion de la patrimoine aum	1,32 billion de dollars
Corporatif & Services institutionnels aum	12,1 billions de dollars
Professionnels de l'investissement mondiaux	1 100+ professionnels spécialisés

Infrastructure technologique avancée

Northern Trust investit considérablement dans les capacités technologiques.

• Investissement technologique annuel: 600 millions de dollars
• Plateformes bancaires numériques: 5 solutions numériques propriétaires
• Budget de cybersécurité: 180 millions de dollars par an

Équipe de gestion des relations clients solide

Northern Trust maintient une infrastructure de relation client dédiée.

Segment client	Gestionnaires de relations dédiées
Clients institutionnels	750+ professionnels dévoués
Clients de gestion de la patrimoine	1 200 gestionnaires de relations

Systèmes de gestion des risques robustes et de conformité

Cadre complet de gestion des risques avec des investissements substantiels.

• Personnel de conformité: 850+ professionnels
• Budget de conformité réglementaire: 220 millions de dollars par an
• Investissements technologiques de gestion des risques: 95 millions de dollars

Capital financier substantiel et réserves

Position financière solide avec des réserves de capital robustes.

Métrique financière	Montant
Actif total	152,1 milliards de dollars
Ratio de capital de niveau 1	14.2%
Total des capitaux propres des actionnaires	24,3 milliards de dollars
En espèces et dû des banques	5,6 milliards de dollars

Northern Trust Corporation (NTRS) - Modèle d'entreprise: propositions de valeur

Solutions complètes de gestion de patrimoine

Northern Trust fournit des services de gestion de patrimoine avec 1,4 billion de dollars dans les actifs de gestion de patrimoine au quatrième trimestre 2023. L'entreprise propose des services spécialisés ciblant les particuliers et les clients institutionnels à ultra-high-net.

Catégorie de service	Actifs sous gestion	Segment client
Gestion de patrimoine privée	376 milliards de dollars	Individus à haute nette
Services de richesse institutionnelle	1,024 billion de dollars	Fonds de pension, dotations

Services à la clientèle personnalisés à haute navette

Northern Trust fournit des solutions financières personnalisées avec 1,2 billion de dollars dans le total des actifs des clients et une taille moyenne de portefeuille client de 25 millions de dollars.

• Stratégies d'investissement personnalisées
• Services familiaux
• Planification du transfert de richesse générationnel

Plateformes de banque numérique avancée et d'investissement

Les investissements de plate-forme numérique ont totalisé 392 millions de dollars en 2023, soutenant les infrastructures technologiques avancées.

Service numérique	Taux d'adoption des utilisateurs	Volume de transaction
Banque en ligne	87%	3,2 millions de transactions mensuelles
Plateforme d'investissement mobile	72%	1,8 million d'interactions mensuelles

Capacités mondiales d'investissement et de service d'actifs

Northern Trust gère 12,2 billions de dollars dans les actifs mondiaux avec présence dans 20 pays.

• Services d'investissement transfrontaliers
• Solutions de garde mondiale
• Administration du Fonds international

Conseil financier de confiance et gestion des risques

Couverture des services de gestion des risques 8,7 billions de dollars dans les actifs institutionnels avec 99.6% Taux de rétention de la clientèle.

Service de gestion des risques	Couverture	Satisfaction du client
Analyse des risques d'investissement	5,3 billions de dollars	96%
Gestion des risques de conformité	3,4 billions de dollars	98%

Northern Trust Corporation (NTRS) - Modèle d'entreprise: relations clients

Équipes de gestion des relations dédiées

Northern Trust emploie 20 724 employés à temps plein au quatrième trimestre 2023, avec environ 1 500 gestionnaires de relations de patrimoine de patrimoine dédiés. Le portefeuille client moyen géré par gestionnaire de relations est de 287 millions de dollars.

Segment de gestion des relations	Nombre de professionnels	Valeur moyenne du portefeuille client
Gestion de la richesse	1,500	287 millions de dollars
Corporatif & Services institutionnels	850	612 millions de dollars

Services de conseil financier personnalisés

Northern Trust fournit des services de conseil spécialisés sur plusieurs segments avec une approche ciblée.

• Segment individuel de valeur nette élevée (HNWI): taille moyenne du compte de 25,3 millions de dollars
• Services du Family Office: Gérer 78,4 milliards de dollars de richesse familiale
• Solutions d'investissement personnalisées pour 97,6% des clients institutionnels

Plates-formes de libre-service numériques

Métriques d'engagement numérique pour Northern Trust en 2023:

Métrique de la plate-forme numérique	Valeur
Utilisateurs actifs en ligne	287,000
Téléchargements d'applications mobiles	124,500
Volume de transaction numérique	42,6 milliards de dollars

Avis réguliers des performances du client

Fréquence et engagement d'examen des clients:

• Revues de performance trimestrielles pour 89% des clients institutionnels
• Avis semestriels pour les clients de la gestion de patrimoine
• Suivi des performances en temps réel pour 76% des portefeuilles d'investissement

Développement de stratégie d'investissement sur mesure

Métriques de personnalisation de la stratégie d'investissement:

Type de stratégie	Les clients servis	Nive de personnalisation moyen
Investisseurs institutionnels	1,247	92% de stratégies personnalisées
Gestion de la richesse	8,600	85% d'approches personnalisées

Northern Trust Corporation (NTRS) - Modèle d'entreprise: canaux

Plateformes bancaires numériques en ligne

La plate-forme bancaire numérique de Northern Trust dessert 1 321 clients institutionnels au quatrième trimestre 2023. La plate-forme traite environ 12,4 billions de dollars d'actifs sous gestion via des canaux numériques. Le volume des transactions numériques a augmenté de 17,3% en 2023.

Métriques de plate-forme numérique	2023 données
Total des utilisateurs numériques	8 742 clients d'entreprise
Valeur de transaction numérique annuelle	14,6 billions de dollars
Investissement de sécurité de plate-forme numérique	87,3 millions de dollars

Applications bancaires mobiles

L'application mobile de Northern Trust prend en charge 672 clients institutionnels avec des protocoles de sécurité avancés. La plate-forme mobile gère 3,2 billions de dollars en transactions d'actifs trimestriels.

• Taux de téléchargement des applications mobiles: une croissance de 24% sur l'autre
• Investissement de sécurité des transactions mobiles: 42,6 millions de dollars en 2023
• Plateforme mobile Couches d'authentification des utilisateurs: Vérification biométrique à 3 facteurs

Gestion directe des relations

Northern Trust maintient 1 246 gestionnaires de relations dédiées au service des clients institutionnels mondiaux. Tenure moyenne des relations avec le client: 8,7 ans.

Métriques de gestion des relations	2023 statistiques
Total des gestionnaires de relations	1 246 professionnels
Taille moyenne du portefeuille client	687 millions de dollars
Taux de rétention de la clientèle annuelle	94.3%

Centres de service à la clientèle d'entreprise

Northern Trust exploite 7 centres de services mondiaux soutenant les opérations des clients institutionnels 24/7. Personnerie totale du centre de service: 3 412 professionnels spécialisés.

• Emplacements du Global Service Center: Chicago, Londres, Dublin, Francfort, Singapour, Hong Kong, Bangalore
• Temps de réponse moyen: 12 minutes
• Investissement technologique annuel du centre de services: 63,4 millions de dollars

Réseau de conseillers financiers

Le réseau de conseillers financiers de Northern Trust comprend 876 professionnels certifiés gérant 428 milliards de dollars d'actifs clients.

Métriques du réseau de conseillers financiers	2023 données
Conseillers financiers totaux	876 professionnels
Actifs en cours de conseil	428 milliards de dollars
Valeur nette moyenne du client	24,3 millions de dollars

Northern Trust Corporation (NTRS) - Modèle d'entreprise: segments de clientèle

Individus à haute nette

Northern Trust dessert les personnes à haute teneur en naissance avec des actifs totalisant 389,4 milliards de dollars en gestion de patrimoine personnelle au quatrième trimestre 2023.

Métriques du segment de la clientèle	Valeur
Taille moyenne du portefeuille client	12,5 millions de dollars
Actifs du client total à haute navette	389,4 milliards de dollars
Pourcentage de l'actif total des clients	26.3%

Investisseurs institutionnels

Northern Trust gère 1,4 billion de dollars d'actifs d'investissement institutionnels.

• Base de clients institutionnels dans 45 pays
• Actifs sous garde: 14,9 billions de dollars
• Actifs sous gestion: 1,4 billion de dollars

Entreprises et entreprises

Le segment des clients d'entreprise représente 3,2 billions de dollars dans les services mondiaux de la banque d'entreprise.

Métriques de la banque d'entreprise	Valeur
Total des actifs des clients de l'entreprise	3,2 billions de dollars
Nombre de clients d'entreprise	7,500+
Présence mondiale des services bancaires d'entreprise	28 pays

Fonds de pension et dotations

Northern Trust gère 642 milliards de dollars d'actifs de pension et de dotation.

• Actifs totaux de fonds de retraite: 412 milliards de dollars
• Actifs totaux de dotation: 230 milliards de dollars
• Nombre de clients de retraite institutionnels: 1 200+

Clients internationaux riches

Le segment international de gestion de patrimoine génère 186,5 milliards de dollars d'actifs.

Métriques des clients internationaux	Valeur
Actifs internationaux de gestion de patrimoine	186,5 milliards de dollars
Nombre de pays servis	50+
Pourcentage de revenus internationaux	22.7%

Northern Trust Corporation (NTRS) - Modèle d'entreprise: Structure des coûts

Investissements infrastructures technologiques

Les investissements infrastructures technologiques de Northern Trust pour 2023 ont totalisé 387,5 millions de dollars. Les dépenses technologiques annuelles représentaient 16,2% du total des dépenses d'exploitation.

Catégorie d'investissement technologique	Dépenses ($ m)
Infrastructure de cloud computing	124.3
Systèmes de cybersécurité	93.7
Développement de plate-forme numérique	86.5
Outils d'analyse de données	83.0

Compensation et formation des employés

La rémunération totale des employés pour 2023 était de 1,42 milliard de dollars, ce qui représente 41,3% du total des dépenses d'exploitation.

• Investissement moyen de formation des employés par personnel: 4 750 $
• Budget de développement professionnel: 62,3 millions de dollars
• Total de main-d'œuvre: 22 370 employés

Frais de conformité réglementaire

Les frais de conformité réglementaire pour Northern Trust en 2023 ont atteint 215,6 millions de dollars.

Zone de conformité	Dépenses ($ m)
Représentation juridique et réglementaire	89.4
Systèmes de gestion des risques	72.5
Audit et commandes internes	53.7

Maintenance de plate-forme numérique

Les dépenses de maintenance de la plate-forme numérique ont totalisé 156,2 millions de dollars en 2023.

• Coûts de licence de logiciel: 47,3 millions de dollars
• Investissements de mise à niveau de la plate-forme: 68,9 millions de dollars
• Dépenses de soutien technique: 39,0 millions de dollars

Frais généraux opérationnels mondiaux

Les frais généraux opérationnels mondiaux pour Northern Trust en 2023 étaient de 512,7 millions de dollars.

Catégorie de dépenses opérationnelles	Dépenses ($ m)
Gestion des installations	187.6
Opérations de bureaux mondiaux	156.3
Voyage et communication	84.5
Coûts opérationnels internationaux	84.3

Northern Trust Corporation (NTRS) - Modèle d'entreprise: Strots de revenus

Frais de gestion des actifs

Northern Trust a déclaré 4,4 milliards de dollars de frais de gestion d'actifs pour l'exercice 2022. La société gère environ 1,5 billion de dollars d'actifs sous gestion (AUM).

Classe d'actifs	Revenus des frais
Investissements institutionnels	2,7 milliards de dollars
Investissements en gestion de patrimoine	1,7 milliard de dollars

Services de conseil en investissement

Les revenus des services de conseil en placement ont totalisé 1,2 milliard de dollars en 2022, en mettant l'accent sur:

• Gestion complète du portefeuille
• Services d'évaluation des risques
• Conseil d'investissement stratégique

Frais de traitement des transactions

Les frais de traitement des transactions ont généré 892 millions de dollars de revenus pour 2022, en panne comme suit:

Type de transaction	Revenu
Trading en valeurs mobilières	453 millions de dollars
Transactions de change	279 millions de dollars
Services de compensation	160 millions de dollars

Frais de gestion de la patrimoine

Les revenus de gestion de patrimoine ont atteint 1,6 milliard de dollars en 2022, avec des segments clés, notamment:

• Services individuels à haute nette
• Gestion du bureau de la famille
• Avis de planification de la retraite

Revenus des services bancaires d'entreprise

Les services bancaires d'entreprise ont généré 1,1 milliard de dollars de revenus pour 2022, avec des sources de revenus primaires:

Catégorie de service	Revenu
Services de confiance d'entreprise	512 millions de dollars
Services bancaires mondiaux	388 millions de dollars
Administration de la garde et des fonds	200 millions de dollars

Northern Trust Corporation (NTRS) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Northern Trust Corporation, and honestly, the numbers back up their claims of stability and sophistication.

Integrated, holistic 'One Northern Trust' platform for institutions and families

The firm is executing on its One Northern Trust strategy, which aims to seamlessly connect its Asset Servicing and Wealth Management capabilities for clients. As of September 30, 2025, Northern Trust Corporation reported total assets under custody/administration of US$18.2 trillion. The Wealth Management segment, serving affluent families, held $492.6 billion in assets under management as of that same date. Trust, investment, and other servicing fees from this segment reached $558.6 million in the third quarter of 2025.

Fiduciary standard of care and risk management for complex assets

Northern Trust earns client trust by staying true to its steadfast fiduciary heritage. The Asset Servicing business specifically responds to growing complexity with patented technology and customized financial solutions. Asset owners are prioritizing risk management, with 60% reporting liquidity has become more important in the past year. The firm's approach applies an intentional focus on managing and capitalizing on risk.

Bespoke Global Family Office (GFO) solutions for ultra-high-net-worth clients

Northern Trust Wealth Management serves 30 percent of the Forbes 400 list of wealthiest Americans. The Global Family and Private Investment Offices (GFO) practice has been serving family offices for more than 40 years. GFO delivered strong organic growth, with revenue growing 8% in the first half of 2025. International revenue within GFO grew at over 20% in that same period, making up nearly 15% of total GFO revenue. The firm launched Family Office Solutions to bring institutional-grade capabilities to ultra-high-net-worth families who may not want a standalone office.

Scale and stability as a preeminent global financial institution

The institution's longevity and size provide a bedrock of stability. Founded in 1889, Northern Trust has a global footprint across 24 U.S. states and 22 international locations. The firm maintained a robust capital position with $12.0 billion in Tier 1 capital as of Q3 2025. You can see the scale in the recent performance metrics:

Metric (Q3 2025)	Amount
Total Assets Under Custody/Administration (AUC/A)	US$18.2 trillion
Total Assets Under Management (AUM)	US$1.8 trillion
Net Income	$457.6 million
Earnings Per Diluted Common Share (EPS)	$2.29
Return on Equity (ROE)	14.8%
Total Revenues	$2,030.9 million

Customized financial solutions using patented technology

Northern Trust's market-leading technology helps deliver sharper insights and personalized experiences. The firm was recognized for its proprietary technology designed specifically for family offices. This technology underpins its pioneering Goals Driven Wealth Management approach via the Goals Powered Solutions platform. For the third consecutive year, Northern Trust won "Best Private Bank in the U.S. for Digital Wealth Planning". The Asset Servicing business leverages patented technology for its solutions.

• Technology adoption is a focus for asset owners, with 79% increasing technology use to improve operations.
• 51% of asset owners plan to increase technology spending in portfolio analytics.
• Northern Trust's enhanced money movement solution integrates into family office daily operations.

Finance: draft 13-week cash view by Friday.

Northern Trust Corporation (NTRS) - Canvas Business Model: Customer Relationships

You're looking at how Northern Trust Corporation (NTRS) structures its direct interactions with clients, which is central to its high-net-worth and institutional service model. This is definitely relationship-driven, built on a fiduciary foundation.

Dedicated, high-touch relationship management for institutional clients is supported by the sheer scale of assets they oversee. As of September 30, 2025, Northern Trust Corporation had US$18.2 trillion in assets under custody/administration (AUC/A).

For personalized wealth advice, the structure involves specialized personnel. The Wealth Management business, which serves high-net-worth individuals and families, held $492.6 billion in assets under management (AUM) as of September 30, 2025. The investment platform serving these private clients is overseen by a national team of more than 200 portfolio managers.

Long-term, consultative partnerships are underpinned by the firm's heritage. Northern Trust has over 135 years of service to its clients. Trust, Investment and Other Servicing Fees for Wealth Management clients were $539.3 million in the third quarter of 2025.

Digital self-service and reporting are integrated alongside the human touch. The firm has received recognition as "Best Private Bank in the U.S. for Digital Wealth Planning" and "Best Private Bank in the U.S. for Digital Customer Experience" in 2025.

The overall service structure supports a global client base. Northern Trust Corporation employs more than 23,000 individuals across offices in 24 U.S. states and Washington, D.C., and 22 international locations as of mid-2025.

Here's a quick look at the scale of assets driving these relationships as of September 30, 2025:

Relationship Metric	Amount (as of September 30, 2025)
Total Assets Under Custody/Administration (AUC/A)	US$18.2 trillion
Total Assets Under Custody (AUC)	$14.43 trillion
Total Assets Under Management (AUM)	US$1.8 trillion
Wealth Management AUM	$492.6 billion
Wealth Management Servicing Fees (Q3 2025)	$539.3 million

The firm's approach to client service is evidenced by its operational structure and focus areas:

• Global presence includes offices across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region.
• The Wealth Management pre-tax margin was flat at 37.2% in the second quarter of 2025.
• The firm is recognized for its depth of expertise, having been named one of Fortune Magazine's "World's Most Admired Companies" in 2024.
• Client relationships are managed under a steadfast fiduciary heritage.
• The firm's strategy is centered on being the client's most trusted financial partner.

If onboarding for new, complex relationships takes longer than expected, client satisfaction scores could dip, so maintaining the efficiency of those 200+ portfolio managers is key.

Northern Trust Corporation (NTRS) - Canvas Business Model: Channels

The channels Northern Trust Corporation uses to reach its diverse client base-corporations, institutions, affluent families, and individuals-are a mix of high-touch personal service and sophisticated digital delivery.

Direct sales and relationship teams globally are central to the Wealth Management and Family Office segments. Northern Trust Wealth Management offers holistic services, including the recently launched Family Office Solutions, specifically designed for ultra-high-net-worth families with over $100 million in net worth. The investment engine supporting these private clients is led by a national team of more than 200 portfolio managers as of late 2025. The Asset Servicing segment also relies on relationship teams to serve institutional clients like corporate and public retirement funds, foundations, endowments, and sovereign wealth funds globally.

Physical offices in major financial centers (e.g., Chicago headquarters) anchor the global network. The head office remains at 50 S La Salle St, Chicago, Illinois, 60603. As of late 2024/early 2025, Northern Trust maintained a presence across 24 U.S. states and Washington, D.C., alongside 22 international locations across Canada, Europe, the Middle East, and the Asia-Pacific region. For instance, the Arizona offices house the fourth largest number of Northern Trust staff in the U.S.

Proprietary digital platforms for asset servicing and wealth reporting are a key differentiator. Northern Trust was recognized in 2025 for its proprietary technology, winning "Best Private Bank in the U.S. for Digital Customer Experience." This is underpinned by the transformed Goals Powered Solutions platform, which enables the wealthiest private clients to transact, analyze, and monitor investment performance in real time. The platform for investment and operations teams includes features such as:

• 40+ configurable reports.
• Accessible Excel plug-ins for data export.
• Support for tracking quantitative and qualitative time series data.
• Customizable views for due diligence processes.

Furthermore, Northern Trust is actively building a product store for digital assets, aiming to offer capabilities across asset classes as the regulatory environment evolves.

Investment management products distributed through sponsored funds and ETFs form a significant channel for the Asset Management business. As of June 30, 2025, Northern Trust Asset Management was entrusted with $1.3 trillion in assets under management. Distribution occurs through various vehicles, including separately managed accounts, bank common and collective funds, and ETFs. In August 2025, Northern Trust launched 11 new ETFs under the new Northern Trust ETFs brand. As of that date, the brand had 8 ETFs traded in U.S. markets, gathering total assets under management of $66.81M, with an average expense ratio of 0.16%.

The scale of assets flowing through these channels is substantial, reflecting the reach of Northern Trust Corporation's service delivery:

Metric	Value as of Latest Date	Date/Period End
Assets under Custody/Administration (AUC/A)	$18,068.3 billion	June 30, 2025
Assets under Management (AUM)	$1,697.7 billion	June 30, 2025
Wealth Management AUM	$469 billion	September 30, 2025
Asset Servicing AUC/A	$16.9 trillion	Q2 2025
Q2 2025 Net Income	$421.3 million	Q2 2025

The Investor relations website for public disclosures and earnings calls serves as the primary digital channel for communicating with public shareholders and analysts. For example, the Q2 2025 earnings call provided updates on key metrics, such as reporting diluted Earnings per Share of $2.13 and a Return on Average Common Equity of 14.2% for the quarter. The website facilitates access to filings, including the Proxy Statement for the 2025 Annual Meeting of Stockholders, which noted 195,697,744 shares of common stock outstanding as of January 31, 2025.

Northern Trust Corporation (NTRS) - Canvas Business Model: Customer Segments

You're looking at the core client base for Northern Trust Corporation as of late 2025, broken down by the two primary operating segments: Asset Servicing and Wealth Management.

The total client asset base across the firm as of September 30, 2025, stood at US$18.2 trillion in Assets Under Custody/Administration (AUC/A) and US$1.8 trillion in Assets Under Management (AUM).

Large institutional investors (pension funds, endowments, sovereign wealth funds)

These clients primarily fall under the Asset Servicing segment. As of June 30, 2025, the Asset Servicing segment held $13,056.5 billion in AUC/A. Trust, Investment and Other Servicing Fees for this segment totaled $691.8 million in the second quarter of 2025.

Ultra-High-Net-Worth (UHNW) individuals and families

These clients are the focus of the Wealth Management segment. As of September 30, 2025, Northern Trust Wealth Management reported $492.6 billion in assets under management. Trust, Investment and Other Servicing Fees for Wealth Management clients were $539.3 million in the second quarter of 2025.

Global Family Offices (GFOs) and privately-held businesses

These groups are served by the Wealth Management business. A survey of Northern Trust's business owner clients conducted in the third quarter of 2024 revealed that respondents were considering large-scale changes in 2025, with plans including evaluating new areas to grow their business (30% of younger respondents) or acquiring a new business (28% of younger respondents). The survey itself involved 123 business owners.

Fund managers and insurance companies requiring asset servicing

These institutional clients are key users of the Asset Servicing segment. The Asset Servicing segment's Assets Under Management (AUM) were $1.2 trillion as of June 30, 2025. Investment management fees within Asset Servicing were $157 million in Q2 2025.

Corporate and public retirement funds

These funds are explicitly mentioned as clients of the Asset Servicing segment. The Asset Servicing segment's AUC/A was $13,056.5 billion at the end of Q2 2025.

Here's a quick look at the asset scale by segment as of mid-2025:

Segment	Client Asset Metric	Amount (as of latest report)
Asset Servicing	Assets Under Custody/Administration (AUC/A)	$13,056.5 billion (June 30, 2025)
Asset Servicing	Assets Under Management (AUM)	$1.2 trillion (June 30, 2025)
Wealth Management	Assets Under Management (AUM)	$492.6 billion (September 30, 2025)

The Wealth Management business employs a national team of more than 200 portfolio managers to serve its private clients.

The firm has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations internationally as of late 2025.

• Large institutional investors surveyed by Northern Trust in their 2025 peer study had portfolios ranging from $1 billion to over $500 billion.
• 86% of surveyed asset owners invest in private markets.
• 68% of surveyed asset owners invest in hedge funds, absolute return investments, and other diversifiers.

Northern Trust Corporation (NTRS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Northern Trust Corporation's operations as of late 2025. Honestly, for a firm this size, the cost structure is dominated by people and technology, which is typical for a global financial services provider.

Significant personnel and compensation expenses for global staff form the largest component of noninterest expense. Employee Benefits, which is a proxy for compensation and related costs, was reported at $644.4 million for the first quarter of 2025. This figure reflects the cost of maintaining a global staff across its offices in 24 U.S. states and 22 international locations. The company is focused on expense discipline; for instance, in Q1 2025, Noninterest Expense was $1,417.6 million, up only 4% year-over-year, even as trust fees grew mid-single digits.

High investment in technology is a non-negotiable cost. For the first quarter of 2025, Northern Trust Corporation reported Equipment and Software expenses of $280.9 million. While the specific year-over-year increase of 11% mentioned in your outline isn't explicitly confirmed in the latest filings, the absolute spend shows technology remains a major outlay. This supports their global platforms for asset servicing and wealth management.

Regulatory compliance and risk management costs are embedded within general operating expenses and specific charges. For the nine months ending September 30, 2025, Other Operating Expense decreased partly because the prior-year period included a $14.7 million expense related to the FDIC special assessment, which is a direct regulatory cost. Outside Services, another component of operating costs, stood at $109.7 million in Q1 2025.

General operating expenses for a global office footprint cover everything from occupancy to professional services. Total Noninterest Expense for Q3 2025 was $1,422.9 million, representing a 5% increase compared to Q3 2024. This covers the cost of maintaining that global presence. Here's the quick math: the expense-to-trust fee ratio was 115% in Q1 2025, showing they are working toward their long-term goal of 105-110%.

Interest expense on deposits and borrowings is a significant variable cost, tied directly to the interest rate environment and the firm's funding mix. For the first quarter of 2025, Northern Trust Corporation reported total Interest Expense of $2,146.5 million. That was down 8% from the fourth quarter of 2024 and down 12% from the first quarter of 2024, reflecting lower funding costs that quarter. As of Q2 2025, Total Interest-Bearing Liabilities were $122,575.2 million.

You can see the key expense components from the first quarter of 2025 below. What this estimate hides is the exact split between compliance staff salaries versus general administrative staff, but the categories give you the main buckets.

Expense Category (Q1 2025, $ in Millions)	Amount	Y/Y Change (vs Q1 2024)
Total Noninterest Expense	1,417.6	4% increase
Employee Benefits	644.4	8% increase
Equipment and Software	280.9	Data not specified in search
Outside Services	109.7	Data not specified in search
Total Interest Expense (Q1 2025)	2,146.5	(12)% decrease

The firm is definitely managing these costs actively. Finance: draft 13-week cash view by Friday.

Northern Trust Corporation (NTRS) - Canvas Business Model: Revenue Streams

You're looking at how Northern Trust Corporation brings in its money, which is heavily weighted toward fees for managing and safeguarding assets. The revenue streams are quite clear, built on servicing clients across Asset Servicing and Wealth Management.

The largest component remains the fees derived from client assets. For the third quarter of 2025, Total Consolidated Trust, Investment and Other Servicing Fees hit $1,265.5 million. This is a critical, sticky revenue source, directly tied to market performance and asset retention.

Banking activities provide a solid floor for earnings through interest income. Net Interest Income (NII), calculated on a fully taxable equivalent (FTE) basis, was reported at $596.3 million for Q3 2025. This figure reflected a sequential decline of 3% from Q2 2025 as deposits normalized, but it was still up 5% compared to Q3 2024 on an FTE basis.

Capital markets activities contribute meaningfully, especially given the firm's strategic focus on these areas. Specifically, Foreign Exchange (FX) trading income for Q3 2025 was $57.2 million. This was up 6% year-over-year, showing momentum in currency management services.

Here's a breakdown of the key fee-based revenue drivers for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Total Consolidated Trust, Investment and Other Servicing Fees	$1,265.5	6%
Asset Servicing Investment Management Fees	$159.6	Not explicitly stated, but Asset Servicing Fees were up 6%
Wealth Management Trust, Investment and Other Servicing Fees	$558.6	5%
Foreign Exchange Trading Income	$57.2	6%
Security Commissions and Trading Income	$41.8	18%

The fees tied to Assets Under Management (AUM) are segmented across the two main operating units. You can see the direct link between client assets and fee generation in the components of the total servicing fees. The Asset Servicing segment saw its Investment Management fees reach $159.6 million. Meanwhile, the Wealth Management side generated $558.6 million in its Trust, Investment and Other Servicing Fees.

When you look at the capital markets area, the growth in commissions is notable. Management highlighted stronger capital markets activities, which included both FX trading income and other components. Security Commissions and Trading Income specifically grew 18% year-over-year, reaching $41.8 million in the quarter. This success is attributed to new client wins in outsourced trading and currency management services.

The revenue streams also include:

• Custody and fund administration fees within Asset Servicing, totaling $482.7 million in Q3 2025.
• Securities lending revenue, which is a component of the capital markets strength mentioned.
• Other Noninterest Income, which was $169.1 million in Q3 2025.

As of September 30, 2025, Northern Trust Corporation reported $1.8 trillion in total Assets Under Management (AUM), which underpins the advisory fee structure. The Asset Servicing AUM was $1.2801 trillion, and Wealth Management AUM was $493 billion (or $0.493 trillion) at quarter end.

Finance: draft a sensitivity analysis on the $1,265.5 million fee revenue to a 5% market downturn by next Tuesday.