Northern Trust, a leading global provider of wealth management services, has been named the nation’s best private bank by Professional Wealth Management and The Banker magazines, publications of the Financial Times Group. Northern Trust Wealth Management is a leading provider of services to affluent individuals, family offices and business owners, with US$242 billion in assets under management.

The publications also recognized Northern Trust in the categories of Best Private Bank for Family Offices and Best Private Bank for Ultra-High-Net-Worth clients, which earned Highly Commended accolades. Northern Trust’s Global Family & Private Investment Office group serves families who together hold or manage assets totaling more than $400 billion with Northern Trust. Northern Trust’s ultra-high-net-worth services include investment management and wealth planning as well as specialized services such as business-owner, philanthropic and intergenerational consulting.

Northern Trust also was awarded Best Initiative of the Year for its relationship management technology, recognizing the firm’s focus on contemporary, integrated technology to improve client experiences.

“These awards reflect our continuous focus on innovation and our commitment to providing clients with a service experience beyond expectation,” Northern Trust Wealth Management President Steven L. Fradkin said.

“Northern Trust was lauded by the 15-strong judging panel for its excellence in US private banking,” Professional Wealth Management Editor-in-Chief Yuri Bender said. “Key factors included the high quality of staff which the group is able to attract, excellent coverage of US regions and a dedication to client relationships. The implementation of technology which both boosts the strength of relationships between clients and bankers, while also enhancing the asset allocation process, was also worthy of note.”

Northern Trust’s Goals Driven technology and processes deliver a dynamic asset allocation plan that allows clients to match their objectives to assets in a powerful and intuitive manner. Also, Northern Trust provides clients with a bank-by-text offering and biometric security for mobile and iPad apps.

Northern Trust received the awards on Oct. 26 at a reception in London.