Northern Trust's wealth management and custody businesses are the foundations of its wide moat.
We have transferred coverage of all three trust banks to a new analyst and have updated our fair value estimates and moat ratings for each firm. After additional analysis, we have maintained our wide moat ratings for all three banks as well as our stable moat trend ratings. The biggest change to our fair value estimates was a 13% increase to the fair value estimate for State Street to $102, while BNY Mellon and Northern Trust were each altered by less than 4%. We view State Street as the most un...Northern Trust is a financial holding company. Through its subsidiaries, including The Northern Trust Company, the company provides wealth management, asset servicing, asset management and banking solutions. The company focuses on managing and servicing client assets through two segments: Corporate and Institutional Services, which provides asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors; and Wealth Management, which focuses on individuals and families, business owners, executives, retirees, and privately-held businesses in its target markets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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