Below we focus on three top-ranked Northern Trust mutual funds. Each has earned a Zacks Mutual Fund Rank 1 (Strong Buy).

(Bloomberg) -- Northern Trust Corp. is shutting down a money-market mutual fund after volatility in March spurred redemptions that sent it below a regulatory threshold for maintaining liquidity.The $1.7 billion Northern Institutional Prime Obligations Portfolio will stop accepting new investments next month and start selling its holdings under a liquidation plan set for July 10, according to a filing Monday. As a prime fund, it can invest in riskier securities than traditional money-market funds, including commercial paper, the term for short-dated bank debt and corporate IOUs.“The Board of Trustees has determined, after consideration of a number of factors, that it is in the best interests of the Prime Obligations Portfolio and its shareholders that the portfolio be liquidated and terminated,” the company said in its filing with the U.S. Securities and Exchange Commission.A spokesman for Chicago-based Northern Trust didn’t immediately have a comment.Prime funds suffered about $150 billion of outflows during the pandemic-fueled market sell-off in March, according to research firm Crane Data LLC, though much of the money has returned since the U.S. Federal Reserve stepped in to backstop the industry. The Northern Trust fund, however, hasn’t recovered roughly $2 billion in assets that left in March, according to data compiled by Bloomberg.Firms including Goldman Sachs Group Inc. and Bank of New York Mellon Corp. bought billions of dollars of securities from their prime funds when markets seized up, enabling them to stay above a 30% weekly minimum of cash and cash-like securities. Once a money-market fund goes below that level, the board can suspend withdrawals or charge a fee for redeeming, according to rule changes adopted after the last financial crisis.Northern Trust allowed the prime obligations portfolio to slip below the liquidity threshold, though the fund rose back above it after the Fed said it would provide a backstop.“This decision is probably a business decision as to whether Northern Trust wants to support the prime fund concept,” said Lance Pan, director of investment research and strategy at Capital Advisors Group in Newton, Massachusetts. “Knowing how institutional shareholders behave, the sponsor may just be deciding not to be on the hook for volatility in terms of asset flows.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Citigroup (NYSE: C) is more of a traditional bank that makes its money by taking credit risk. When you think of Citigroup, you generally think of credit cards, mortgages, and corporate lending. In the first quarter, Citi took a $4.9 billion incremental allowance for loan losses due to COVID-19, which amounted to 0.22% of assets.

Banks' Q1 results are likely to be disappointing amid lower rates, a tough operating backdrop and coronavirus-related concerns.

At the end of last month, the fund had assets under management of $1.8bn, down from $3.8bn on February 28, according to Crane Data. Prime funds such as Prime Obligations invest the majority of their assets in very short-term debt — mostly commercial paper or overnight “repo” loans. The industry suffered withdrawals totalling $160bn in March, about 15 per cent of prime fund assets, according to Crane, before the Federal Reserve stepped in to support money markets and reversed the outflows.

Although average AUM was down 7.2% year over year, AMG reported a 1.6% decline in fourth-quarter revenue due primarily to mix shift and improved performance fee income. Full-year top-line growth of negative 5.8% was in line, though, with our forecast for mid-single-digit annual revenue growth.

Below we focus on three top-ranked Northern Trust mutual funds. Each has earned a Zacks Mutual Fund Rank 1 (Strong Buy)

Oct.15 -- Bob Browne, chief investment officer at Northern Trust, discusses the company’s five year outlook on “Bloomberg Daybreak: Asia.”

Shares of Northern Trust (NASDAQ:NTRS) were unchanged at $79.33 in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share increased 4.73% year over year to $1.55, which beat the estimate of $1.45.Revenue of $1,588,000,000 rose by 7.22% from the same period last year, which beat the estimate of $1,540,000,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.Northern Trust hasn't issued any revenue guidance for the time being.Conference Call Details Date: Apr 21, 2020View more earnings on NTRSTime: 11:02 AM ETWebcast URL: https://edge.media-server.com/mmc/p/sbz2fwpgPrice Action Company's 52-week high was at $110.48Company's 52-week low was at $60.67Price action over last quarter: down 23.77%Company Profile Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Founded in Chicago in 1889, Northern Trust has offices in 20 states and Washington, D.C., in the U.S. and 23 locations in Canada, Europe, the Middle East, and Asia-Pacific. As of December 2019, Northern Trust had assets under custody of just over $12 trillion and assets under management of roughly $1.2 trillion.See more from Benzinga * Recap: Snap-on Q1 Earnings * Recap: Lockheed Martin Q1 Earnings * Recap: Coca-Cola Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Liquidity at a $2.2 billion prime money-market fund run by Northern Trust Corp fell below the key 30% U.S. regulatory threshold twice last week, but rebounded above that level after the U.S. Federal Reserve shored up the industry. Several institutional prime funds, whose investors include large corporations, were at risk of falling below the 30% threshold before the Fed took extraordinary steps reminiscent of the last financial crisis to backstop the money-market industry. The Northern Prime Obligations Portfolio disclosed that its weekly liquidity level fell to 27% of assets twice last week, according to the fund's website - reducing its buffer for quickly converting assets into cash to meet investors' redemptions.

Northern Trust's (NTRS) Q1 results likely to reflect prudent expense control and high fees income, partly offset by low rates.

Oct.18 -- Wouter Sturkenboom, chief investment strategist for EMEA & APAC at Northern Trust Asset Management, discusses the market implications of the Brexit negotiations. U.K, Prime Minister Boris Johnson is battling to sell his new Brexit deal to skeptical members of the Parliament ahead of a crucial vote on Saturday. Sturkenboom speaks with Nejra Cehic on "Bloomberg Daybreak: Europe."

Northern Trust's (NTRS) Q1 results reflect higher fee income, partly muted by fall in net interest income, escalating expenses and provisions amid the coronavirus crisis.

At Insider Monkey, we pore over the filings of nearly 750 top investment firms every quarter, a process we have now completed for the latest reporting period. The data we've gathered as a result gives us access to a wealth of collective knowledge based on these firms' portfolio holdings as of September 30. In this […]