- Asset and wealth manager Northern Trust posted a 38% fall in first-quarter profit on Tuesday as a loss on the sale of some debt investments offset gains from higher fee income for servicing and managing client assets.
Shares of Northern Trust fell 1.2% in premarket trading. They have dipped 0.8% so far this year, compared to a 3.3% fall and 5.8% rise for peers State Street and Bank of New York Mellon, respectively. Equity markets have rallied in recent months amid hopes of a soft landing for the economy, resulting in assets under custody or administration jumping 16% to $16.47 trillion in the quarter.
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