Northern Trust is a U.S.-based bank focused on two client franchises: wealth management for high-net-worth individuals and families, and asset servicing for institutional investors. In wealth management, Northern Trust serves wealthy individuals, family offices, and private foundations through its flagship Global Family Office offering, which provides investment management, custody, fiduciary services, and consolidated reporting to sophisticated family offices. Northern Trust also serves ultra-high-net-worth families through an outsourced family office model, and broader affluent clients through a regional network across 19 U.S. states. In asset servicing, Northern Trust provides custody, fund administration, securities lending, FX trading, and investment operations outsourcing to pension funds, endowments, sovereign wealth funds, hedge funds, and other institutional investors, with $17.4 trillion in assets under custody/administration. Both businesses are supported by Northern Trust Asset Management, which manages $1.8 trillion across equity, fixed income, liquidity, alternatives, and custom SMAs. Northern Trust earns revenue primarily through asset-based fees (priced as basis points on AUM and AUC/A), net interest income from a roughly $120B deposit base, and capital markets revenue from FX trading and outsourced trading. Northern Trust's growth strategy focuses on higher-margin client segments, cross-selling capital markets services to institutional clients, expanding alternatives capabilities, and driving operational productivity through restructuring and AI deployment.