Northern Trust has announced its plans to remain an independent entity following reports of a potential merger with Bank of New York Mellon (BNY).

A spokesperson for the group, as reported by Bloomberg, said: “While our policy is to not comment on market rumours, I can tell you that Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders.”

The statement comes after a report of discussions between the chief executives of the two financial institutions.

The talks did not include any specific offer, and BNY is considering its next steps.

The Chicago-based firm has a market value exceeding $21bn and is one of the largest custodian banks globally.

BNY, whose shares have surged over 50% in the past year, has a market capitalisation above $65bn.

A merger between the two firms could create an investment-management powerhouse overseeing more than $3tn.

Both Northern Trust and BNY offer services such as asset servicing, money management, and back-office solutions for investment firms.

In the first quarter of 2025, Northern Trust reported a net income of $392m, a significant increase from $214.7m in the prior-year quarter.

The company's total revenue (FTE) reached $1.94bn, up 18% from $1.65bn in Q1 2024.

The firm also reported growth in assets under custody/administration (AUC/A) and assets under management (AUM).

As of 31 March 2025, Northern Trust's total AUC/A was $16.924tn, a 3% increase from the previous year.

This growth was driven by a 3% rise in both the asset servicing and wealth management segments.

Total assets under custody stood at $13.269tn, with the asset servicing segment accounting for $12.163tn of this figure.

Additionally, total AUM rose to $1.607tn, marking a 7% increase compared to the previous year. Asset servicing AUM grew by 7% to $1.160tn, while wealth management AUM increased by 6% to $446.9bn.

"Northern Trust plans to stay independent amid merger talks with BNY Mellon " was originally created and published by Private Banker International, a GlobalData owned brand.

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