Northern Trust, a US-based asset management firm, has posted a net income of $371.1m for Q4 2019.

This is a decrease of 9% from the previous year’s figure of $409.9m.

Total revenue, however, increased 3% to $1.56bn on a year-on-year basis.

The group’s assets under custody/administration as of 31 December 2019 totalled $12.1trn, a 19% surge from $10.1trn a year earlier.

Assets under custody/administration in the wealth management unit of the firm increased 16% to $738.8bn from $634.8bn.

The group’s assets under management totalled $1.2trn at the end of December 2019, up 15% from $1.1trn last year.

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Assets under management in wealth management increased 13% to $313.8bn from $278.6bn.

Total consolidated trust, investment and other servicing fees of $992.2m in Q4 2019 were 6% higher than the prior year.

Wealth Management trust, investment and other servicing fees rose 7% year-on-year to $425.2m. The firm attributed the growth to favourable markets.

Northern Trust chairman and CEO Michael O’Grady said: “Our full year performance continued to exhibit foundational strength, as we executed on a number of growth strategies while continuing to advance our data and digital efforts and improve our

O’Grady added: “During 2019, we returned a record $1.7bn to common shareholders through dividends and the repurchase of 11.8 million shares.

“As we enter 2020, we remain focused on providing our clients with exceptional service and expertise, driving efficiencies in our business, and investing for future growth.”