US - Asset manager Northern Trust has released its Q2 results, which showed a 24% rise in revenues over the same period last year.
Frederick H. Waddell, president and CEO, Northern Trust, said: "Northern Trust reported very strong core results in the second quarter - including 24% revenue growth - against the combined backdrop of challenging market conditions.
"[Our] success in this difficult market environment reflects or long standing client focused business strategy, position of capital strength and conservative management philosophy."
Northern Trust's trust, investment and other servicing fees rose 21% to $645.1m and represented over half (59%) of the company's earnings in the quarter.
Fees and other income from Corporate & Institutional Services (C&IS) were up almost a third (32%) over the same period last year to $409.2m.
Assets under custody in the C&IS division totalled $3.6trn, down 1% from last year, and assets under management in the same area fell 2% to $608.6bn.
Despite the global equities downturn, strong earnings were had in securities lending, which returned a record 149.9% - an increase of 104% over the same period in 2007.
Northern Trust said this performance was due to improved spreads and a partial recovery of unrealised losses in a previous period. Asset management fees rose 1% to $71.8m, which the company said was favourable given the market conditions.