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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-36609
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-2723087
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
50 South LaSalle Street60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
Registrant’s telephone number, including area code: (312) 630-6000
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred StockNTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  x
At June 30, 2020, 208,092,630 shares of common stock, $1.66 2/3 par value, were outstanding.



NORTHERN TRUST CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page
i

Table of Contents
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20202019
% CHANGE(1)
20202019
% CHANGE(1)
Noninterest Income$1,134.0  $1,089.2  %$2,313.6  $2,148.1  %
Net Interest Income372.1  417.4  (11) 780.2  839.4  (7) 
Total Revenue1,506.1  1,506.6  —  3,093.8  2,987.5   
Provision for Credit Losses66.0  (6.5) N/M127.0  (6.5) N/M
Noninterest Expense1,036.9  1,006.2   2,102.5  2,034.9   
Income before Income Taxes403.2  506.9  (20) 864.3  959.1  (10) 
Provision for Income Taxes89.9  117.5  (23) 190.4  222.6  (14) 
Net Income$313.3  $389.4  (20)%$673.9  $736.5  (8)%
PER COMMON SHARE
Net Income — Basic$1.47  $1.76  (17)%$3.03  $3.25  (7)%
— Diluted1.46  1.75  (16) 3.02  3.23  (7) 
Cash Dividends Declared Per Common Share0.70  0.60  17  1.40  1.20  17  
Book Value — End of Period (EOP)50.45  46.18   50.45  46.18   
Market Price — EOP79.34  90.00  (12) 79.34  90.00  (12) 
SELECTED BALANCE SHEET DATA ($ In Millions)JUNE 30, 2020DECEMBER 31, 2019
% CHANGE(1)
End of Period:
Total Assets$151,432.9  $136,828.4  11 %
Earning Assets138,734.3  125,236.6  11  
Deposits122,054.1  109,120.6  12  
Stockholders’ Equity11,382.2  11,091.0   
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
20202019
% CHANGE(1)
20202019
% CHANGE(1)
Average Balances:
Total Assets$138,770.6  $116,358.9  19 %$131,470.6  $117,879.4  12 %
Earning Assets125,181.7  105,709.1  18  117,896.5  108,176.9   
Deposits110,870.0  89,345.9  24  102,977.9  90,352.3  14  
Stockholders’ Equity11,041.4  10,538.1   10,914.2  10,483.8   
CLIENT ASSETS ($ In Billions)JUNE 30, 2020DECEMBER 31, 2019
% CHANGE(1)
Assets Under Custody/Administration(2)
$12,098.3  $12,050.4  — %
Assets Under Custody9,290.6  9,233.5   
Assets Under Management1,257.8  1,231.3   
(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Consolidated Financial Highlights.
(2) For the purposes of disclosing Assets Under Custody/Administration, to the extent that both custody and administration services are provided, the value of the assets is included only once.



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SELECTED RATIOS AND METRICS
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2020201920202019
Financial Ratios:
Return on Average Common Equity12.2 %15.9 %12.8 %15.0 %
Return on Average Assets0.91  1.34  1.03  1.26  
Dividend Payout Ratio47.9  34.3  46.4  37.2  
Net Interest Margin(1)
1.22  1.61  1.36  1.59  
JUNE 30, 2020DECEMBER 31, 2019
STANDARDIZED
APPROACH
ADVANCED
APPROACH
STANDARDIZED
APPROACH
ADVANCED
APPROACH
WELL-CAPITALIZED RATIOSMINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital13.4 %13.9 %12.7 %13.2 %N/A4.5 %
Tier 1 Capital14.6  15.2  14.5  15.0  6.0  6.0  
Total Capital16.5  16.8  16.3  16.8  10.0  8.0  
Tier 1 Leverage7.6  7.6  8.7  8.7  N/A4.0  
Supplementary LeverageN/A9.0  N/A7.6  N/A3.0  
The Northern Trust Company
Common Equity Tier 1 Capital13.9 %14.7 %12.3 %13.0 %6.5 %4.5 %
Tier 1 Capital13.9  14.7  12.3  13.0  8.0  6.0  
Total Capital15.7  16.2  14.0  14.6  10.0  8.0  
Tier 1 Leverage7.3  7.3  7.3  7.3  5.0  4.0  
Supplementary LeverageN/A8.2  N/A6.4  3.0  3.0  
(1) Net interest margin is presented on a fully taxable equivalent (FTE) basis, a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. The net interest margin on a GAAP basis and a reconciliation of net interest income on a GAAP basis to net interest income on an FTE basis are presented on page 35.
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PART I – FINANCIAL INFORMATION
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS
General
Northern Trust Corporation (Corporation) is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Corporate & Institutional Services (C&IS) and Wealth Management. Asset management and related services are provided to C&IS and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our, ” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.
The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report. Investors also should read the section entitled “Forward-Looking Statements.”
COVID-19 Pandemic and Recent Events
The COVID-19 global pandemic continued to present health and economic challenges on an unprecedented scale during the second quarter of 2020. During this time, Northern Trust continued to focus on the health and well-being of its workforce, meet its clients’ needs and support its communities. Northern Trust established a COVID Executive Committee composed of senior leadership across various functions, under whose oversight the global business resiliency pandemic plan was implemented during the first quarter of 2020. Although planning is underway to return to the office when conditions permit, the vast majority of staff is expected to continue to work from home for some time to come.
Workforce
As many governments have begun implementing plans to reopen their respective jurisdictions, Northern Trust has begun its return-to-office (RTO) phase under the oversight of the COVID Executive Committee. Plans for RTO are being developed on a location-by-location basis based on business unit needs. Northern Trust is considering site readiness, transportation options, technology capabilities, and workforce alignment. Northern Trust plans for the return of a small portion (less than 20 percent) of each office’s population in the initial RTO phase to allow for optimal social distancing. To ensure the health and well-being of Northern Trust’s workforce, clients and visitors, several new social distancing elements and other protective measures, such as temperature screenings, where allowable by law, distribution of personal protective equipment, and workforce self-certification, have been implemented. Several offices began initiating a return of the workforce in July 2020.

Client Service
Northern Trust has offered assistance to its clients affected by the COVID-19 pandemic by lending under a government lending program and providing payment deferrals. The Corporation continues to assess developments in government actions meant to support the economy, as further discussed below.
U.S. Small Business Administration’s Paycheck Protection Program
During the second quarter of 2020, Northern Trust became a lender under the Paycheck Protection Program (PPP), which is administered by the U.S. Small Business Administration (SBA), an agency of the U.S. Department of the Treasury, which works with financial institutions in providing loans to small businesses. The PPP, which is meant to aid small businesses during the COVID-19 pandemic, was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. In the second quarter of 2020, the Paycheck Protection Program Flexibility Act was enacted to provide updates to the PPP.
As of June 30, 2020, Northern Trust had funded loans totaling $213.8 million under the PPP. The Corporation accounts for PPP loans as loan receivables and amounts are disclosed in Note 6 — Loans and Leases to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
The original timeframe for PPP lending expired on June 30, 2020, but Congress acted on June 30, 2020 to provide a 5-week PPP extension for lending to allow small businesses additional time to apply for the remaining PPP funds allocated by Congress in connection with the CARES Act. Northern Trust expects to continue lending under the PPP through the new August deadline.
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
COVID-19 Pandemic and Recent Events (continued)


Troubled Debt Restructuring (TDR) Relief
Due to the economic environment arising from the COVID-19 pandemic, there have been two forms of relief provided to lenders exempting certain loan modifications which would otherwise be classified as TDRs from such classification. The first of these forms of relief is provided by certain interagency guidance from various banking regulators, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau (Interagency Guidance). The other is provided under section 4013 of the CARES Act. Northern Trust has elected to apply each of these forms of relief, when applicable, in providing borrowers with qualifying loan modifications, including payment deferrals, in response to the COVID-19 pandemic. For further information on TDRs, please refer to Note 6 — Loans and Leases to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
Community Support
COVID-19 Relief Support
On April 8, 2020, Northern Trust announced that it was committing $3 million in COVID-19 relief support to numerous organizations serving those most affected by the pandemic. Grantees include the Solidarity Response Fund for the World Health Organization, United Way Worldwide, the Global FoodBanking Network, Feeding America, Meals on Wheels, and other COVID-19 relief funds sponsored by the city of Chicago and state of Illinois.
Small Business Support
On May 11, 2020, Northern Trust announced it was providing $100 million in low-cost funding to assist Community Development Financial Institutions (CDFIs), which are instrumental in providing loans to small businesses and non-profit organizations under the PPP. The funding helps meet urgent demand among small businesses and non-profit groups by providing flexible terms and low rates. CDFIs provide loans, investments, financial services and technical assistance to underserved populations and communities. This funding to CDFIs, which is reported in Debt Securities Held to Maturity on the consolidated balance sheets, is separate and distinct from the $213.8 million in PPP funds that the Corporation has lent to its own small business clients.
New Philanthropic Strategy
On June 15, 2020, Northern Trust announced that it has pledged $20 million over the next 5 years with the goal of reducing the economic opportunity gap. The opportunity gap encompasses obstacles created by race, ethnicity, gender, and environmental and socioeconomic status that prohibit individuals from achieving their full potential. The Corporation’s goal is to help shrink this gap by providing increased access to essential human needs, which include food, housing, health care and education.
Additional COVID-19 economic and market-related impacts to the Corporation’s financial condition and results of operations are discussed throughout this Form 10-Q.
Overview of Financial Results
Net income per diluted common share decreased in the current quarter to $1.46 from $1.75 in the second quarter of 2019. Net income decreased to $313.3 million in the current quarter as compared to $389.4 million in the prior-year quarter. Annualized return on average common equity was 12.2% in the current quarter and 15.9% in the prior-year quarter. The annualized return on average assets was 0.91% in the current quarter as compared to 1.34% in the prior-year quarter.

Revenue was relatively unchanged compared to the prior-year quarter, totaling $1.51 billion.

Trust, Investment and Other Servicing Fees increased $6.0 million, or 1%, from $955.5 million in the prior-year quarter to $961.5 million in the current quarter, primarily due to new business, favorable transaction fees, and increased securities lending fees, partially offset by the impact of unfavorable lagged markets.

Other noninterest income increased $38.8 million, or 29%, from $133.7 million in the prior-year quarter to $172.5 million in the current quarter, primarily reflecting higher other operating income, foreign exchange trading income, and security commissions and trading income.

Net interest income decreased $45.3 million, or 11%, to $372.1 million in the current quarter as compared to $417.4 million in the prior-year quarter, primarily due to a lower net interest margin, partially offset by an increase in average earning assets.
There was a $66.0 million provision for credit losses in the current quarter, as compared to a credit provision of $6.5 million in the prior-year quarter calculated under the previous “incurred loss” model. The current quarter provision was primarily due to an increase in the reserve evaluated on a collective basis driven by downgrades in the portfolio and more severe projected
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Overview of Financial Results (continued)

economic conditions, both resulting from the ongoing COVID-19 pandemic and related market and economic impacts, with the largest increases in the commercial and institutional and commercial real estate portfolios.
The Corporation adopted Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments” (ASU 2016-13) on January 1, 2020, which significantly changed the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. For more information on the adoption of ASU 2016-13, please refer to Note 2 — Recent Accounting Pronouncements to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).

Noninterest expense increased $30.7 million, or 3%, to $1.04 billion in the current quarter from $1.01 billion in the prior-year quarter, primarily attributable to higher equipment and software expense, occupancy expense, other operating expense, and compensation expense, partially offset by lower outside services.

The provision for income taxes in the current quarter totaled $89.9 million, representing an effective tax rate of 22.3%. The provision for income taxes in the prior-year quarter totaled $117.5 million, representing an effective tax rate of 23.2%.
Trust, Investment and Other Servicing Fees
Trust, investment and other servicing fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.

The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED JUNE 30,
($ In Millions)20202019CHANGE
C&IS Trust, Investment and Other Servicing Fees
Custody and Fund Administration$376.3  $385.1  $(8.8) (2)%
Investment Management128.4  110.8  17.6  16  
Securities Lending27.3  21.8  5.5  25  
Other34.2  31.7  2.5   
Total C&IS Trust, Investment and Other Servicing Fees$566.2  $549.4  $16.8  %
Wealth Management Trust, Investment and Other Servicing Fees
Central$142.1  $153.1  $(11.0) (7)%
East104.2  104.3  (0.1) —  
West80.0  82.8  (2.8) (3) 
Global Family Office69.0  65.9  3.1   
Total Wealth Management Trust, Investment and Other Servicing Fees$395.3  $406.1  $(10.8) (3)%
Total Consolidated Trust, Investment and Other Servicing Fees$961.5  $955.5  $6.0  %
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)



Corporate & Institutional Services
Custody and fund administration fees, the largest component of C&IS fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment management fees are based generally on market values of client assets under management throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag.
Custody and fund administration fees decreased from the prior-year quarter, primarily due to unfavorable lagged markets and currency translation, partially offset by new business and favorable transaction fees. Investment management fees increased from the prior-year quarter, primarily due to new business. Securities lending fees increased from the prior-year quarter primarily due to higher spreads.
Wealth Management
Wealth Management fee income is calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values. Wealth Management fees decreased compared to the prior-year quarter, primarily due to unfavorable lagged markets, partially offset by new business.
Market Indices
The following tables present selected market indices and the percentage changes year over year to provide context regarding equity and fixed income market impacts on the Corporation’s results.
TABLE 2: EQUITY MARKET INDICES
DAILY AVERAGESPERIOD-END
THREE MONTHS ENDED JUNE 30,AS OF JUNE 30,
20202019CHANGE20202019CHANGE
S&P 5002,926  2,882  %3,100  2,942  %
MSCI EAFE (U.S. dollars)1,681  1,888  (11) 1,781  1,922  (7) 
MSCI EAFE (local currency)1,002  1,115  (10) 1,050  1,123  (7) 
TABLE 3: FIXED INCOME MARKET INDICES
AS OF JUNE 30,
20202019CHANGE
Barclays Capital U.S. Aggregate Bond Index2,362  2,172  %
Barclays Capital Global Aggregate Bond Index527  506   
Client Assets
As noted above, AUC/A and assets under management are two of the primary drivers of our trust, investment and other servicing fees. For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once. The following table presents AUC/A by reporting segment.
TABLE 4: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT
JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019CHANGE Q2-20/Q1-20CHANGE Q2-20/Q2-19
($ In Billions)
Corporate & Institutional Services$11,347.1  $10,236.5  $10,623.6  11 %%
Wealth Management751.2  640.1  698.4  17   
Total Assets Under Custody / Administration$12,098.3  $10,876.6  $11,322.0  11 %%
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)



The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019CHANGE Q2-20/Q1-20CHANGE Q2-20/Q2-19
($ In Billions)
Corporate & Institutional Services$8,542.7  $7,620.8  $7,820.6  12 %%
Wealth Management747.9  633.9  698.2  18   
Total Assets Under Custody$9,290.6  $8,254.7  $8,518.8  13 %%
Consolidated assets under custody increased from the prior quarter primarily reflecting the impact of favorable markets, net inflows, and favorable currency translation. Consolidated assets under custody increased compared to the prior-year quarter, primarily reflecting net inflows and the impact of favorable markets, partially offset by the impact of unfavorable currency translation.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019
C&ISWMTOTALC&ISWMTOTALC&ISWMTOTAL
Equities43 %59 %44 %40 %52 %41 %45 %58 %46 %
Fixed Income Securities38  17  36  39  20  38  38  19  36  
Cash and Other Assets17  24  18  19  28  19  15  23  16  
Securities Lending Collateral —    —    —   
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 7: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019CHANGE Q2-20/Q1-20CHANGE Q2-20/Q2-19
($ In Billions)
Corporate & Institutional Services$954.0  $842.6  $887.0  13 %%
Wealth Management303.8  276.7  293.2  10   
Total Assets Under Management$1,257.8  $1,119.3  $1,180.2  12 %%
Consolidated assets under management increased compared to the prior quarter and prior-year quarter, primarily driven by the impact of favorable markets and net inflows.
The following table presents Northern Trust’s assets under management by investment type.
TABLE 8: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019
Equities$608.5  $504.5  $613.8  
Fixed Income Securities193.1  189.8  189.4  
Cash and Other Assets290.5  257.9  213.6  
Securities Lending Collateral165.7  167.1  163.4  
Total Assets Under Management$1,257.8  $1,119.3  $1,180.2  
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)



The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
JUNE 30, 2020MARCH 31, 2020JUNE 30, 2019
C&ISWMTOTALC&ISWMTOTALC&ISWMTOTAL
Equities48 %48 %49 %45 %46 %45 %52 %52 %52 %
Fixed Income Securities12  26  15  14  27  17  13  26  16  
Cash and Other Assets23  26  23  21  27  23  17  22  18  
Securities Lending Collateral17  —  13  20  —  15  18  —  14  

The following table presents activity in consolidated assets under management by product.
TABLE 10: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT
THREE MONTHS ENDED
($ In Billions)JUNE 30, 2020MARCH 31, 2020DECEMBER 31, 2019SEPTEMBER 30, 2019JUNE 30, 2019
Beginning Balance of AUM$1,119.3  $1,231.3  $1,201.8  $1,180.2  $1,162.1  
Inflows by Product
Equities46.7  51.7  50.7  41.7  51.4  
Fixed Income Securities16.4  13.5  9.5  10.3  13.8  
Cash and Other Assets219.3  204.7  135.2  144.5  138.7  
Securities Lending Collateral67.7  79.7  57.0  69.2  60.0  
Total Inflows350.1  349.6  252.4  265.7  263.9  
Outflows by Product
Equities(46.3) (59.9) (52.5) (53.0) (51.2) 
Fixed Income Securities(18.5) (18.6) (7.8) (13.8) (13.6) 
Cash and Other Assets(180.0) (168.2) (139.3) (128.7) (145.9) 
Securities Lending Collateral(69.1) (75.7) (72.2) (54.3) (61.7) 
Total Outflows(313.9) (322.4) (271.8) (249.8) (272.4) 
Net Inflows (Outflows)36.2  27.2  (19.4) 15.9