Northern Trust Named Best Private Bank in U.S.

By: Northern Trust Corporation via Business Wire

November 04, 2021 at 04:00 AM EDT

Also Named Best Private Bank for Family Offices in U.S.

Northern Trust, a leading provider of wealth management services, has been named “Best Private Bank in the U.S.” by Professional Wealth Management and The Banker magazines, publications of the Financial Times Group. Northern Trust was also named “Best Private Bank in the U.S. for Family Offices.”

“Northern Trust has continued to enhance its business through the Covid pandemic, conscious that many clients are rethinking their goals and wealth plans,” Professional Wealth Management Editor-in-Chief Yuri Bender said. “This innovative, yet traditional, wealth manager has boosted its data gathering operation, ensuring that advice to clients is increasingly grounded in research. The judges also noted the continuing improvement of the Goals Driven Wealth Management framework, to which a raft of new digital features and tools has been added.”

“We are pleased to receive this recognition, which reflects our holistic approach to wealth management as we serve family offices, family foundations, high-net-worth individuals, and private trust and investment companies in more than 25 countries,” Northern Trust Wealth Management President Steven L. Fradkin said. “The key to our success is our clients’ success, and we seek to exceed expectations by providing clients with personalized advice at the moments they need it most.

“The global pandemic revealed the power of our ‘prepare don’t predict’ philosophy, and underscored the importance of having a plan grounded in long-term goals that can adapt to changing circumstances.”

In addition to the “Best Private Bank in the U.S.” award, Northern Trust was recognized for its Global Family and Private Investment Offices (GFO). Founded in 1982, Northern Trust's GFO group has a focused commitment to families of significant wealth, their private foundations and the family offices that serve them.

Among the longest-standing family office providers, GFO combines Northern Trust's institutional-strength technology, investment capabilities and global asset servicing platform with its heritage of serving as a fiduciary and wealth manager. Across the globe, the group works with more than 450 families in more than 30 countries. The average client size is US$900 million.

“We are honored to receive this award in recognition of the innovative financial services we provide to our family office clients,” GFO President David W. Fox Jr. said. “Family offices have highly specialized needs that require a distinct service model, and we bring the best of Northern Trust's resources to deliver our world class capabilities.”

The awards are part of the Global Private Banking Awards created in 2009 to recognize excellence in the wealth management industry by firms worldwide. More than 170 banks in more than 60 countries entered submissions for the award.

Northern Trust received the honors at a virtual event on November 3.

Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise and ranks among the top 10 U.S. wealth managers, with $372.9 billion in assets under management as of September 30, 2021. The Northern Trust Company is an Equal Housing Lender. Member FDIC.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2021, Northern Trust had assets under custody/administration of US$15.8 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.