Northern Trust Co. has started a marketing campaign to convince corporate clients it can satisfy all their financial services needs.
The Chicago banking company unveiled its institutional client services, dubbed MasterSource, at a client conference last May but waited until this month to begin marketing and advertising.
Research done this year found that clients, potential clients, and consultants did not know about all of Northern Trust's services, said Hank Hakewill, vice president and head of corporate and institutional services marketing.
"This is a major opportunity," he said. "We're trying to give people a more favorable and accurate perception."
The bank's research also found that Northern Trust was perceived as a top-tier custodian and cash manager but that few respondents knew it also manages investments, Mr. Hakewill said.
At June 30, trust assets under Northern Trust's administration totaled $693 billion; assets under management, $120 billion.
While the bank says it is committed to serving institutional clients on many fronts, one consultant wasn't so sure. "If they're serious about the game, they have to do more than advertise," said Richard Ross of Investment Marketing, Glencoe, Ill.
The advertising campaign, which began this month, appears in trade publications and industry newsletters and will be explained at conferences and sales presentations, Mr. Hakewill said. The ads will target large corporations, public funds, foundations, and investment managers.
Until now, Northern Trust's divisions have operated separately, with little communication among them, Mr. Hakewill said. To enhance MasterSource, Northern Trust plans to integrate the services offered by its various divisions and some companies acquired in recent years.
For example, Northern Trust acquired Hazelhurst Corp., Atlanta, in April 1994. The employee benefits services company has been operated independently of the bank.
It also has bought RCB International Inc., a supervisor, administrator, and trustee of institutional investment portfolios. Northern Trust bought RCB last October but is just now melding it into the bank's operations.
