BankingNorthern Trust Named Best Private Bank in U.S.

BusinessWire BusinessWireNovember 7, 20227 min

Northern Trust, a leading provider of wealth management services, has taken top honors in three categories from Professional Wealth Management and The Banker magazines, publications of the Financial Times Group:

  • “Best Private Bank in the U.S.”
  • “Best Private Bank for Family Offices”
  • “Best Private Bank for Innovation”

“Northern Trust’s entry impressed our panel of judges for several reasons,” said Professional Wealth Management Editor-in-Chief Yuri Bender. “They appreciated the firm’s institutional investment expertise, leveraged to manage portfolios of wealthy families, its strong reputation across regional markets in the US, and the stability and long-term outlook of its leadership team.

“Rather than an inward-looking mindset, the firm has shown increasing appetite to both deepen its international footprint and to learn from the practices of non-financial firms globally, adapting them to wealth management.”

Northern Trust Wealth Management President Steven L. Fradkin said the recognition highlights the collaborative efforts at Northern Trust to provide seamless service to clients across 25 countries, including family offices, family foundations, high-net-worth individuals and private trust and investment companies.

“We are grateful for this recognition of our commitment to ensuring that clients receive a superior experience, best-in-class advice, and that they optimize their wealth management, banking, planning and other needs over time and across generations,” he said.

“Our personalized approach applies both our industry-leading research, led by The Northern Trust Institute, and the lessons we have gleaned from our past interactions with the most affluent families in the world. This distinctive combination empowers clients by optimizing their investment strategies, banking, fiduciary and other advice in alignment with their unique goals.

“The key to our success is our clients’ success. We are proud of this recognition even as we continue to invest significantly in Northern Trust’s proprietary Goals Driven Wealth Management capabilities, which leverages an our extraordinary store of intellectual capital and the large complement of data and analytics gleaned from advising generations of other clients of similar wealth and complexity.”

In addition to the “Best Private Bank in the U.S.” award and “Best Private Bank for Innovation,” Northern Trust was recognized for its Global Family and Private Investment Offices (GFO). Northern Trust’s GFO group – celebrating its 40th anniversary this year – has a focused commitment to families of significant wealth, their private foundations and the family offices that serve them.

Among the longest-standing family office providers, GFO combines Northern Trust’s institutional-strength technology, investment capabilities and global asset servicing platform with its heritage of serving as a fiduciary and wealth manager. Across the globe, Northern Trust’s GFO group works with more than 450 families in more than 30 countries. In the past year, Northern Trust expanded a dedicated team in Singapore to focus on the continued growth of family and private investment office relationships in the Asia Pacific region.

“We are pleased to receive this award that recognizes the innovative services and advice that we provide to family offices across the globe,” GFO President David W. Fox Jr. said. “Family offices are highly specialized entities that are growing increasingly complex in terms of needs of the families and expanding mandates. We continue to increase our services to this constituency, so as to ensure they are receiving the best from our world-class capabilities.”

The awards are part of the Global Private Banking Awards created in 2009 to recognize excellence in the wealth management industry by firms worldwide. More than 120 banks from 50 countries entered submissions for the award.

Northern Trust accepted the honors at an event in London on November 3.

Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with $336.2 billion in assets under management as of Sept 30, 2022. The Northern Trust Company is an Equal Housing Lender. Member FDIC.

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