Northern Trust Corp.'s wealth management arm has announced that its assets under administration topped $100 billion by Dec. 31.
The unit of the Chicago banking company said Thursday that it had increased assets under administration by 23.5%, to $105 billion, from yearend 2003. The Northern Trust wealth management group had $20 billion under management.
Steve Bell, a senior vice president and the wealth management group's head, said it had doubled administered assets twice in the past seven years, from $25 billion in 1997.
The group offers asset management, investment consulting, global custody, fiduciary, technology, risk management, and private banking for affluent people and families that generally have more than $75 million, typically invest globally, usually employ several money managers, and often have a family office.
It serves 306 families in 48 states and 15 countries, including 24% of the Forbes 400 group of families.
