Full Description

Northern Trust Corporation (Northern Trust) is a financial holding company, which provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. The Company conducts business through various United States and non-United States subsidiaries, including The Northern Trust Company (Bank). Northern Trust has organized its services globally around its two client-focused principal business units: Corporate and Institutional Services (C&IS), and Personal Financial Services (PFS). C&IS is a provider of asset servicing, asset management, and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, and government funds. PFS provides personal trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; qualified retirement plans; brokerage services, and private and business banking. Two other business units provide services to the two principal business units, Northern Trust Global Investments (NTGI), which provides investment management, and Operations and Technology (O&T), which provides operating and systems support.

Corporate and Institutional Services

C&IS offers a range of commercial banking services, placing special emphasis on developing and supporting institutional relationships in two target markets: large and mid-sized corporations and financial institutions. Asset servicing, asset management, and related services encompass a range of capabilities, including global master trust and custody, trade, settlement, and reporting; fund administration; cash management, and investment risk and performance analytical services. Client relationships are managed through the Bank, and the Bank’s and the Corporation’s subsidiaries, including support from international locations in North America, Europe, the Asia-Pacific region and the Middle East.

An asset servicing relationship managed by C&IS often includes investment management, securities lending, transition management, and commission recapture services provided through NTGI. C&IS also provides related foreign exchange services in the United States, United Kingdom, Guernsey, and Singapore. At December 31, 2008, total C&IS assets under custody were $2.7 trillion and assets under management were $426.4 billion.

Personal Financial Services

PFS focuses on high-net worth individuals and families, business owners, executives, professionals, retirees, and established privately held businesses in its target markets. PFS also includes the Wealth Management Group, which provides customized products and services to meet the financial needs of individuals and family offices in the United States and worldwide with assets typically exceeding $200 million.

PFS is a provider of personal trust services in the United States, with $288.3 billion in assets under custody and $132.4 billion in assets under management at December 31, 2008. PFS services are delivered through a network of 85 offices in 18 United States, as well as offices in London and Guernsey.

Northern Trust Global Investments

NTGI, through various subsidiaries of the Company, provides a range of investment management and related services, and other products to United States and non-United States clients, including clients of C&IS and PFS. Clients include institutional and individual separately managed accounts, bank common and collective funds, registered investment companies, non-United States collective investment funds and unregistered private investment funds. NTGI offers both active and passive equity and fixed-income portfolio management, as well as alternative asset classes (such as private equity and hedge funds of funds) and traditional multi-manager products and services. NTGI’s activities also include brokerage, securities lending, transition management and related services. NTGI’s business operates internationally through subsidiaries, joint ventures, alliances and distribution arrangements.

Operations and Technology

O&T supports all of Northern Trust's business activities, including the processing and product management activities of C&IS, PFS and NTGI. These activities are conducted principally in the operations and technology centers in Chicago, London, and Bangalore and fund administration centers in Ireland.