Who Northern Trust buys from and sells to
Custodian for pensions and funds and wealth manager for very rich families.
Part of Government Net Interest Payments spending
Buys from 2
- DTCCUS securities settlement and depository
- Sub-custodian bankslocal custody in foreign markets
Sells to 2
- Pension funds and sovereign fundscustody, fund admin and investment management
- Wealthy families and family officestrust, banking and investment management
Where the chain could break
- Fees are basis points on assets, so revenue tracks market levels
- Deposit-funded net interest income falls as rates drop
- Sub-scale against BNY and State Street; repeatedly floated as a takeover target
Competes with
- State StreetSTTasset servicing
- BNYBKasset servicing and wealth
- JPMorganJPMcustody and private banking
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.