State Street, Charles Schwab, Northern Trust

State Street Corp., The Charles Schwab Corp. and Northern Trust Corp. all reported a jump in first-quarter profits Tuesday. State Street posted a 69% increase in profit for the first quarter, helped by $600 billion in new assets. Net income at the Boston-based institutional asset manager rose to $530 million, or $1.35 a diluted share, from $314 million, or 93 cents a diluted share, in the first quarter of 2007. Assets under custody at State Street rose 21% to $14.9 trillion for the quarter, from $12.3 trillion in the year-earlier period. Meanwhile, Schwab's first-quarter net income rose 12%, thanks to a 27% increase in new clients opening brokerage accounts. The San Francisco-based brokerage and custodian’s net income jumped to $305 million, or 26 cents a share, from $273 million, or $22 cents a share, a year earlier. Charles Schwab's assets under management rose 5% for the quarter to $1.4 trillion. And Northern Trust Corp.’s first-quarter earnings shot up 63%, driven by a growth in client assets. The Chicago-based bank’s net income jumped to $385.2 million, or $1.71 a share, from $186.7 million, or 84 cents a share a year earlier. Northern Trust’s assets under management rose 3%, to $778.6 billion, from the first quarter of 2007.