The financial services firm’s second annual global peer study – published today (19 May) – highlighted a continued shift toward private markets, an increased focus on liquidity through a strategic risk lens, meaningful adoption of digital assets, and growing investment in data, technology and artificial intelligence (AI).

Key findings from Northern Trust’s survey of more than 180 pension funds, endowments, outsourced chief investment officers, insurers and other asset owners found that:

• Private markets were becoming more central: Some 94% of respondents reported investing in private markets (up from 86% in 2025), and private market allocations rose to 17% of the average portfolio.
• Liquidity is a priority through a risk…