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Northern Trust (NTRS) Fortifies Relationship With Pendal
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Northern Trust (NTRS - Free Report) expanded its relationship with Pendal Group Limited and will now offer a broad spectrum of asset services to the latter in the United Kingdom, Ireland and Australia. NTRS also bolstered the range of services it will execute for the global investment manager’s business in the United States.
Pendal manages $104.4 billion in funds under management (as of Sep 30, 2021) globally. Northern Trust’s appointment by Pendal covers its wholly-owned subsidiary J O Hambro Capital Management in North America, Europe and Australia.
Northern Trust has facilitated fund administration, regulatory administration, global custody and transfer agency services to J O Hambro Capital Management since 2009. These services will now be more outspread to include global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all the businesses of Pendal.
Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust, said, "We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations. This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate."
Northern Trust musters most of its revenues from noninterest income that primarily consists of Trust, Investment and Other Servicing Fees. Moreover, with a greater volume of transactions and fees for the services rendered, its financials will likely witness a favorable impact in the quarters ahead.
In addition, Northern Trust has always emphasized the development and hike of recurring sources of fee-based income to stand out in a fiercely competitive industry. This move with Pendal thus seems promising to position Northern Trust better in the asset-servicing business.
The stock has gained 28.6% in the past year compared with the industry’s growth of 43.1%.
Some better-ranked stocks in the banking space are Shore Bancshares (SHBI - Free Report) , Southern First Bancshares (SFST - Free Report) and Colony Bankcorp, Inc. (CBAN - Free Report) . At present, SHBI sports a Zacks Rank #1 while SFST and CBAN carry a Zacks Rank #2 (Buy) each.
Over the past year, the stock of Shore Bancshares has jumped 42%, whereas shares of Southern First and Colony Bankcorp have gained 80.8% and 23.9%, respectively.
Over the past 30 days, the Zacks Consensus Estimate for Shore Bancshares’ current-year earnings has been revised 21.7% upward while that of Southern First has moved 9.1% north. Current-year earnings estimates for Colony Bankcorp have moved 15.2% up over the past two months.
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Northern Trust (NTRS) Fortifies Relationship With Pendal
Northern Trust (NTRS - Free Report) expanded its relationship with Pendal Group Limited and will now offer a broad spectrum of asset services to the latter in the United Kingdom, Ireland and Australia. NTRS also bolstered the range of services it will execute for the global investment manager’s business in the United States.
Pendal manages $104.4 billion in funds under management (as of Sep 30, 2021) globally. Northern Trust’s appointment by Pendal covers its wholly-owned subsidiary J O Hambro Capital Management in North America, Europe and Australia.
Northern Trust has facilitated fund administration, regulatory administration, global custody and transfer agency services to J O Hambro Capital Management since 2009. These services will now be more outspread to include global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all the businesses of Pendal.
Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust, said, "We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations. This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate."
Northern Trust musters most of its revenues from noninterest income that primarily consists of Trust, Investment and Other Servicing Fees. Moreover, with a greater volume of transactions and fees for the services rendered, its financials will likely witness a favorable impact in the quarters ahead.
In addition, Northern Trust has always emphasized the development and hike of recurring sources of fee-based income to stand out in a fiercely competitive industry. This move with Pendal thus seems promising to position Northern Trust better in the asset-servicing business.
The stock has gained 28.6% in the past year compared with the industry’s growth of 43.1%.
The stock presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some better-ranked stocks in the banking space are Shore Bancshares (SHBI - Free Report) , Southern First Bancshares (SFST - Free Report) and Colony Bankcorp, Inc. (CBAN - Free Report) . At present, SHBI sports a Zacks Rank #1 while SFST and CBAN carry a Zacks Rank #2 (Buy) each.
Over the past year, the stock of Shore Bancshares has jumped 42%, whereas shares of Southern First and Colony Bankcorp have gained 80.8% and 23.9%, respectively.
Over the past 30 days, the Zacks Consensus Estimate for Shore Bancshares’ current-year earnings has been revised 21.7% upward while that of Southern First has moved 9.1% north. Current-year earnings estimates for Colony Bankcorp have moved 15.2% up over the past two months.