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Manjot

Vice President and Equity Research Analyst at Autonomous Research

Manjot Singh is a Vice President and Equity Research Analyst at Autonomous Research, specializing in internet and software sectors with a focus on SaaS, cloud infrastructure, and digital advertising. He covers key companies including Snowflake, CrowdStrike, Datadog, and Trade Desk, achieving a strong performance track record with a 68% success rate on TipRanks and average returns of 14.2% per rating, ranking in the top 10% of analysts covering technology. Singh joined Autonomous Research in 2022 after starting his career at Jefferies in 2018 as a research associate, followed by roles at Piper Sandler, bringing hands-on experience in tech equity research. He holds Series 7, 63, and 86/87 FINRA licenses, underscoring his professional credentials in securities analysis.

Manjot's questions to NORTHERN TRUST (NTRS) leadership

Question · Q4 2025

Manjot inquired about Northern Trust's strategy for growing its Wealth Management and Asset Management businesses to improve the pre-tax margin (PTM), specifically asking if the company still targets high 20s for Asset Servicing margins while Wealth Management grows at its current PTM. He also asked about the organic growth rates for each business in the current quarter and their expected trajectory over the next few years.

Answer

Chairman and CEO Michael O'Grady stated that while Asset Servicing had a good quarter, more work is needed to consistently achieve high 20s margins. For Wealth Management, which already has attractive margins, the focus is on faster growth, and some margin dilution would be acceptable if it drives value. He reported Wealth Management's organic growth rate for the year and quarter was 1%-2%, with GFO and ultra-high net worth segments growing faster, and advisory components showing higher growth. Asset Servicing had a strong Q4 organic growth rate of 2%-3%, with a focus on scalable, profitable growth.

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