Northern Trust launches service for ultra-wealthy families

CHICAGO - Northern Trust Wealth Management (NYSE: NTRS), a $19.17 billion market cap financial services provider currently trading at an attractive P/E ratio of 10, announced the introduction of Family Office Solutions, a new service tailored to meet the financial and wealth management needs of ultra-high-net-worth individuals and families without the necessity of a dedicated family office. This offering is part of Northern Trust’s Global Family and Private Investment Offices (GFO) practice and aims to provide clients with institutional-quality investment and family office services.

Family Office Solutions is designed for affluent families who prefer not to maintain a single-family office but require similar services. President of Northern Trust Wealth Management, Jason Tyler, highlighted the service’s ability to offer personalized solutions that combine high-level investment capabilities with the strategic oversight typical of a family office.

Pam Lucina, who previously served as Northern Trust’s Chief Fiduciary Officer, will lead the new group. Lucina brings her experience from The Northern Trust Institute, which focuses on the multifaceted aspects of wealth transfer.

The service expansion comes as families face increased complexity in managing their wealth due to new wealth creation and demographic shifts. Family Office Solutions will deliver a range of services, including wealth planning, legal and tax advice, accounting, investment management, banking, insurance, and philanthropy, all tailored to the specific needs of each family.

Dino De Vita, President of GFO, emphasized the company’s extensive experience in serving sophisticated family offices and the adaptability of their services to the varying requirements of families across generations.

Northern Trust Wealth Management is known for its comprehensive wealth management services and had $450.7 billion in assets under management as of December 31, 2024. Northern Trust Corporation, the parent company, with assets under custody/administration totaling US$16.8 trillion and assets under management of US$1.6 trillion, has established itself as a leader in financial services, boasting over 135 years of industry recognition. According to InvestingPro, the company maintains a solid 3.06% dividend yield and has maintained dividend payments for 55 consecutive years, demonstrating remarkable financial stability.

This expansion is part of Northern Trust’s commitment to innovation and service excellence, offering a continuum of services to meet the evolving needs of its affluent clientele. The information is based on a recent press release from Northern Trust Corporation. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of Northern Trust and 1,400+ other top US stocks through intuitive visuals and expert analysis.

In other recent news, Northern Trust Corporation reported better-than-expected earnings for the fourth quarter of 2024. The company achieved earnings per share (EPS) of $2.26, surpassing analyst projections of $1.99. Revenue also exceeded forecasts, reaching $1.97 billion compared to the anticipated $1.92 billion. The company’s trust investment fees increased by 12% year-over-year, while assets under custody grew by 9% to $15.6 trillion.

In addition to these financial results, Northern Trust Wealth Management announced leadership changes effective March 1, 2025. Glenda Pedroso will assume the role of Head of Banking and Specialized Services, and Michael Bracci will become President of the East Region. These appointments are part of Northern Trust’s strategy to enhance its banking and advisory capabilities.

The company also noted that Alexander Adams will expand his leadership role to include the Mid-Atlantic Region, and Stacey Hallberg will become Group Managing Director for East Florida. These developments come as Northern Trust continues to focus on growth and adapting to client needs.

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