10 Best Asset Management Stocks to Buy According to Hedge Funds

7. Northern Trust Corporation (NASDAQ:NTRS)

Number of Hedge Fund Holders as of Q3 2024: 33

Northern Trust Corporation (NASDAQ:NTRS) is an asset management firm that provides wealth management, asset servicing, asset management, and banking solutions. It offers its services to corporations, institutions, families, and individuals worldwide.  Its stock is up by about 29% year to date, outperforming the S&P 500, which is up by about 26%.

The year-to-date rally underlines investor confidence about the company’s long-term prospects. It also comes against strong financial performance as the asset manager navigates complexities in the landscape. On October 23, 2024, Northern Trust Corporation (NASDAQ:NTRS) delivered strong quarterly results. Its net profit was up 42% year-over-year, driven by an 8% increase in investment and servicing fees.

Net income in the quarter totaled $464.9 million, up from $327.8 million delivered the same quarter last year. Increases in fee income from managing and servicing clients’ assets boosted Northern Trust Corporation’s (NASDAQ:NTRS) strong performance. The company’s assets under management were also up 23% year-over-year to $17.4 trillion. In addition, the company rewards income-focused investors with a 2.74% dividend yield.