Northern Trust Corp. said Friday that it is quickly developing assets by offering its trust services to other banks.
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The Chicago banking company announced it has signed up 125 banks, with more than $50 billion of combined trust assets, for its Trust/Rite trust accounting system.
Trust/Rite offers custodial and accounting technology and bundles Northern Trust's wealth management products. Among institutions recently signed up for the service are Omni Bank in Louisiana and Bank of Lenawee in Michigan.
At Sept. 30 Northern Trust had $2.4 trillion of assets under administration and $535 billion of assets under management.
