Northern Trust has been named Best Private Bank in the United States for the fifth consecutive year by Professional Wealth Management and The Banker magazines, both published by the Financial Times Group.
Chicago-based Northern Trust, a provider of financial services for institutions, affluent individuals and families, also was named Best Private Bank for Innovation.
“We are honored by these awards, which reflect Northern Trust’s deep commitment to innovation in how we serve our clients,” Northern Trust Wealth Management president Jana Schreuder said. “We will continue to focus our efforts around supporting the increasingly complex needs of our clients in financial planning, investments, wealth transfer, banking and more.”
The awards were presented by Professional Wealth Management and The Banker at a ceremony in Geneva, Switzerland. An international panel of industry professionals judged the submissions and selected winners based on an examination of quantitative and qualitative factors.
“While Northern Trust demonstrated strong new money flows and profit growth, the judges were impressed by its constant self-analysis and clear statements of purpose,” said PWM editor in chief Yuri Bender, one of the judges. “Also important were the technological improvements which the bank has introduced for private clients. Portfolios are designed reflecting regular communication with clients, and recognizing shortfalls of accepted but flawed practices such as Modern Portfolio Theory.”
Northern Trust operates a branch in downtown Milwaukee.
