After 20 years of serving domestic and international clients, Northern Trust’s Wealth Management Group has announced it has exceeded $100 billion in assets under administration in 2004. This is up on 2003 by $15 billion. Assets under management totalled $20 billion, according to the company.
“By staying focused on our mission of helping individuals and families preserve, grow and manage substantial wealth, we’ve been able to grow significantly,” said Steve Bell, Northern Trust senior vice president and head of the Wealth Management Group. “In the past seven years, we’ve doubled our assets twice from $25 billion in 1997 to $105 billion in assets under administration by year-end 2004.”
Northern Trust’s Wealth Management Group offers services including asset management, investment consulting, global custody, fiduciary, technology, risk management and private banking for affluent individuals and families who generally have assets exceeding $75 million, who typically invest globally, employ multiple money managers and often have a family office. The group says it currently serves 306 families in 48 states and 15 countries, including 24% of the Forbes 400 group of families.
In 2003, Northern Trust expanded its Wealth Management Group presence in the Northeast with a new office in New York City. “Our clients are very excited about our presence in the city and in the Northeast,” said Bell. “We will continue to grow our business in such a way that we expect to recognize additional milestones on a consistent basis in the future.”