Wrapping up Q4 earnings, we look at the numbers and key takeaways for the custody bank stocks, including StepStone Group (NASDAQ: STEP) and its peers.
Custody banks safeguard financial assets and provide services like settlement, accounting, and regulatory compliance for institutional investors. Growth opportunities stem from increasing global assets under custody, demand for data analytics, and blockchain technology adoption for settlement efficiency. Challenges include fee pressure from large clients, substantial technology investment requirements, and competition from both traditional players and fintech firms entering the space.
The 16 custody bank stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 2.5%.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11.9% since the latest earnings results.
StepStone Group (NASDAQ: STEP)
Operating as both an advisor and asset manager with over $100 billion in assets under management, StepStone Group (NASDAQ: STEP) is an investment firm that provides clients with access to private market investments across private equity, real estate, private debt, and infrastructure.
StepStone Group reported revenues of $494.5 million, up 103% year on year. This print exceeded analysts’ expectations by 18.2%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ EBITDA estimates.
StepStone Group achieved the biggest analyst estimates beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 20.8% since reporting and currently trades at $46.89.
Best Q4: WisdomTree (NYSE: WT)
Originally founded as a financial media company before pivoting to ETF management in 2006, WisdomTree (NYSE: WT) is a financial services company that creates and manages exchange-traded funds (ETFs) and other investment products for individual and institutional investors.
WisdomTree reported revenues of $147.4 million, up 33.4% year on year, outperforming analysts’ expectations by 3%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.
Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 9.7% since reporting. It currently trades at $14.94.
Is now the time to buy WisdomTree? Access our full analysis of the earnings results here, it’s free.
Weakest Q4: Voya Financial (NYSE: VOYA)
Originally spun off from Dutch financial giant ING in 2013 and rebranded with a name suggesting "voyage," Voya Financial (NYSE: VOYA) provides workplace benefits and savings solutions to U.S. employers, helping their employees achieve better financial outcomes through retirement plans and insurance products.
Voya Financial reported revenues of $2.01 billion, up 5.7% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ EPS estimates and revenue in line with analysts’ estimates.
As expected, the stock is down 10.6% since the results and currently trades at $67.54.
Read our full analysis of Voya Financial’s results here.
T. Rowe Price (NASDAQ: TROW)
Founded in 1937 by Thomas Rowe Price Jr., who pioneered the growth stock investing approach, T. Rowe Price (NASDAQ: TROW) is an investment management firm that offers mutual funds, advisory services, and retirement planning solutions to individuals and institutions.
T. Rowe Price reported revenues of $1.94 billion, up 5.4% year on year. This print met analysts’ expectations. More broadly, it was a mixed quarter as it recorded a slight miss of analysts’ AUM estimates.
The stock is down 12.9% since reporting and currently trades at $89.41.
Read our full, actionable report on T. Rowe Price here, it’s free.
Northern Trust (NASDAQ: NTRS)
Founded in 1889 during Chicago's post-Great Fire rebuilding boom, Northern Trust (NASDAQ: NTRS) provides wealth management, asset servicing, and banking solutions to corporations, institutions, families, and high-net-worth individuals globally.
Northern Trust reported revenues of $2.16 billion, up 9.4% year on year. This result beat analysts’ expectations by 4.5%. Overall, it was a strong quarter as it also produced a solid beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.
The stock is flat since reporting and currently trades at $143.31.
Read our full, actionable report on Northern Trust here, it’s free.
Market Update
Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?
These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.
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