northern trustExcluding expenses related to restructuring, acquisition and integration, results beat the 69-cent average estimate of 21 analysts surveyed by Bloomberg. In mid-morning trading, the stock is up nearly 2 percent, to $44.46.
Profits were pressured by restructuring, acquisition and integration expenses totaling $18.8 million after tax, or 8 cents a share.
But Northern said it's gaining new business. Assets under custody rose 24 percent to $4.4 trillion and assets under management climbed 13 percent to $684.1 billion compared to a year ago.
Still, "despite new business success in the marketplace, persistently low interest rates and a sluggish economy continued to impact our results," Northern said in a statement.
Northern's wealth business waived $15.2 million in fees in money market mutual funds in the current quarter due to the continued low level of short-term interest rates. In the same period a year ago, it waived $12.9 million in fees for its wealth customers.
In the second quarter, Northern completed its acquisition of the fund administration business of Bank of Ireland and announced a deal to buy Omnium LLC, a hedge fund administrator.
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