[ O U T S O U R C E D T R A D I N G S U R V E Y ]
Northern Trust
Northern Trust |
2025 |
2024 |
2023 |
Global |
Difference to Global |
Coverage |
6.11 |
6.19 |
6.57 |
6.25 |
-0.14 |
Execution |
6.17 |
6.00 |
6.30 |
6.20 |
-0.03 |
Operations and Post-Trade |
6.47 |
6.38 |
6.30 |
6.19 |
0.28 |
Relationship Management |
5.94 |
6.24 |
6.59 |
6.15 |
-0.21 |
Trade Decision Support |
5.65 |
5.75 |
6.30 |
6.00 |
-0.35 |
IPO Process and Allocations |
- |
4.92 |
- |
5.25 |
- |
Onboarding |
5.88 |
6.05 |
6.21 |
5.98 |
-0.10 |
Client Services |
5.94 |
- |
- |
6.15 |
-0.20 |
Cost vs Value |
5.94 |
5.76 |
6.11 |
5.99 |
-0.05 |
Average |
6.01 |
5.92 |
6.34 |
6.02 |
-0.10 |
Northern Trust has reported strong growth within its Integrated Trading Solutions unit over the past 15 months, with its client base increasing by nearly 17 % from year-end 2023 to the end of the first quarter in 2025. The asset servicing giant says that the ongoing purple patch has been driven by demand for fixed income outsourced trading, as well as asset managers on the whole looking to reduce costs in a challenging market environment. In a recent interview with The TRADE, Amy Thorne stated that outsourced trading is“ not a recessionary product any longer, but rather a future state”, and with the industry continuing to evolve, Northern Trust believes that“ outsourcing or co-sourcing trading in some capacity is becoming harder to ignore”. Northern Trust’ s overall average score has seen an increase on the previous year( up 9 basis points) with a rating of Very Good. It is Cost vs Value( 5.94) which has seen the largest annual shift, increasing 18 basis points since
Chart 1
2024, with 72 % of respondents rating this category as Excellent or Very Good. To add colour to the increase, one client notes that“ costs are very competitive and ensures we secure good client outcomes”. The provider’ s commission changes, monthly charges and charges embedded in spread, being viewed as positive factors also led to the improvement in rating. Important to note- this category is listed as second highest priority for clients when considering a provider. Northern Trust’ s Operations and Post-Trade( 6.47) have seen consistent upticks in ratings since our survey began. Always being rated as Very Good, this category has jumped 17 basis points since 2023. The team itself is described as“ exceptional” as well as being“ client centric and go above and beyond to ensure that the service and client experience is first class” so it is of little surprise that 53 % of clients rated the service as Excellent.
36 // Outsourced Trading Handbook // 2025