Northern Trust Corporation

good day and welcome to the northern trust corporation first quarter 2024 earnings conference call as a reminder today's call is being recorded at this time i'd like to turn the call over to director of investor relations miss jennifer child please go ahead thank you maddie and good morning everyone welcome to northern trust corporation's first quarter 2024 earnings conference call joining me on our call this morning is michael grady our chairman and ceo

Jason Tyler, our chief financial officer, John Landers, our controller, and Grace Higgins from our investor relations team. Our first quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This April 16th call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be made available on our website through May 17th. Northern Trust disclaims any continuing accuracy of the information provided in this call after today. Please refer to our safe harbor statement regarding forward-looking statements on page 12 of the accompanying presentation, which will apply to our commentary on this call. During today's question and answer session, please limit your initial query to one question and one related follow-up. This will allow us to move through the queue and enable as many people as possible the opportunity to ask questions as time permits. Thank you again for joining us today. Let me turn the call over to Mike O'Grady.

Thank you, Jennifer. Let me join in welcoming you to our first quarter 2024 earnings call. We're off to a good start for the year. Our results for the quarter reflect both strength in underlying equity markets and the solid progress we're making against our strategic priorities of optimizing growth driving productivity, and strengthening resiliency. We generated organic growth relative to both the prior period and prior year and saw healthy momentum and flows across our businesses. Within wealth management, we continue to see solid growth in client advisory fees and product level fees increase due to favorable markets. Our global family office performed particularly well in the first quarter, adding several high-profile client relationships. The launch of our book, Secrets of Enterprising Families, and the nationwide events created around it have generated significant client engagement and proven to be an attractive source of new lead flow. Asset servicing generated solid new business growth at attractive margins in the first quarter. As we've discussed, our goal is to generate new business that is scalable. This means a greater proportion of new mandates that require lower levels of incremental costs. There were several notable wins in the quarter. Northern Trust was appointed to provide a full suite of asset servicing solutions to True Potential, a rapidly growing UK-based wealth management firm, supporting approximately $33 billion in assets under management. Our open architecture approach, derivatives expertise, and consultative manner were key factors in helping us secure this win. We were also appointed as the sole asset servicing provider for Sandlam Asset Management's $9 billion of funds domiciled in Ireland. The award builds upon an existing relationship with Sandlam Investments UK, an integrated trading solutions client. This win shows how increasingly our capital market solutions are becoming leading products for us, bringing new clients to the firm whose relationships then expand into core asset servicing and other ancillary products. The progress we're making and success we're seeing from our One Northern Trust strategy is most evident within asset management. By both enabling and encouraging teams to work in tight coordination, we're delivering clients the solutions and capabilities of the entire firm. More joint meetings between our asset management and asset servicing businesses is leading to more new business opportunities and wins. Asset management has also bolstered the internal team that coordinates with our wealth management business and recently completed a national roadshow meeting with wealth clients and advisors in 29 markets. This provided increased visibility into NTAM's product leadership and performance, which should lead to increased flows from wealth clients over time. And in the first quarter, asset management also launched several new laddered muni products geared towards wealth clients and a proprietary offshore money market fund for Japanese institutional clients. Overall, asset management generated positive liquidity flows for the fifth consecutive quarter and continued to generate strong momentum within active fixed income and alternatives. In closing, we entered the second quarter with strong market tailwinds and positive new business momentum and are well positioned to navigate the ongoing macroeconomic and market uncertainty. And with that, I'll turn it over to Jason to review our financial performance.