Northern Trust Corporation Wants Edge Over Financial Services Competitors
Northern Trust Corporation (NASDAQ:NTRS) has informed its customers that it would not charge them any additional amount for increasing their cash holdings. The financial services company made the change in order to gain edge over its competitors (NYSE:XLF). Northern Trust is also trying to increase its footprint in the Middle East market by expanding its Asset Management Team. The company recently improved its risk reporting system by the inclusion the historical price value at risk (NYSE:VAR) tool which supplements the existing forecasted VAR capabilities. The new system is capable of more accurate prediction of financial risk.
Norther Trust recently announced double-digit growth in client assets, with assets under custody increasing 24% to $4.4 trillion and assets under management increasing 13% to $684.1 billion compared to a year ago. The company is currently scheduled to report quarterly earnings on October 17th, according to YahooFinance. The company’s stock is currently trading at $35.75.
Competitors to Watch: State Street Corporation (NYSE:STT), The Bank of New York Mellon Corp. (NYSE:BK), SEI Investments Company (NASDAQ:SEIC), Washington Federal Inc. (NASDAQ:WFSL), Capital One Financial Corp. (NYSE:COF), Marshall & Ilsley Corp. (NYSE:MI), Bank Mutual Corporation (NASDAQ:BKMU), New York Community Bancorp, Inc. (NYSE:NYB), Flagstar Bancorp, Inc. (NYSE:FBC), and People’s United Financial, Inc. (NASDAQ:PBCT).