At a glance
- Diluted earnings per share were $3.40, up from $2.29, and total revenue rose 13% to $2.3 billion.
- Earlier in October, UBS reached an agreement to extend its fund administration relationship with Northern Trust and to transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg, the statement said.
- For allocators, the agreement matters at the vehicle level: funds run by those Credit Suisse legacy businesses sit inside a transfer UBS has agreed to make, not one it has completed.
Northern Trust's third-quarter net income rose 40% to $642.9 million from $457.6 million a year earlier, according to a company statement released Oct. 22 and reported by Private Banker International. Diluted earnings per share were $3.40, up from $2.29, and total revenue rose 13% to $2.3 billion.
Earlier in October, UBS reached an agreement to extend its fund administration relationship with Northern Trust and to transfer its former Credit Suisse fund administration businesses in Switzerland and Luxembourg, the statement said.
For allocators, the agreement matters at the vehicle level: funds run by those Credit Suisse legacy businesses sit inside a transfer UBS has agreed to make, not one it has completed. The date the businesses move, and any change to servicing, reporting or fee terms that follows, are the questions a selector holding those vehicles can put to the manager.
Trust, investment and other servicing fees in wealth management rose 9% to $611.5 million, led by global family office fees up 16% to $117.2 million. Private wealth fees rose 8% to $494.3 million. Total assets under management rose 11% to $1.963 trillion from September 2025, assets under custody grew 9% to $15.8 trillion, and the common equity tier 1 ratio held at 12.4% on a standardised basis, matching the prior-year level.
Two disclosed gains accounted for part of the quarter: pre-tax gains of $48.7 million, or $36.8 million after tax, split between the disposal of the guardianship services business at $34 million and Northern Trust's participation in Visa's second exchange offer at $14.7 million — roughly 6% of net income on those figures. Chairman and chief executive Michael O'Grady said the bank had returned more than $1.5 billion to common shareholders year to date.
Reported by the Evergreen & Interval Funds desk from Private Banker International. Published . Updated Oct 24, 2026 · 11:30 p.m. ET. Corrections