Northern Trust Corporation provides wealth management, asset servicing and banking services primarily to wealthy individuals, families and large institutional investors, including custody and administration services for pension funds and other large asset pools. Its asset servicing business, which handles the back-office custody, accounting and administrative functions for institutional investment portfolios, generates fee revenue based on the assets it services rather than depending primarily on interest rate spreads like a traditional bank. Northern Trust's wealth management business serves high-net-worth individuals and families, offering investment management, trust and banking services tailored to complex wealth management needs. The company's revenue combines fee-based asset servicing and wealth management income with more traditional banking revenue, giving it a somewhat different risk and revenue profile than banks focused primarily on commercial or retail lending.