Trust Updates Archive

Profits Banks Trusts Investment Fiduciary Trust Performance Report Earnings Expenses Fiduciary Revenue Strong, Despite Asset Drop

(April 20, 2009--Chicago, IL) -- Despite a 15 percent drop in total fiduciary assets for 2008, fiduciary institutions reported gross revenue growth of 2.5 percent, according to preliminary analysis by the Trust Performance Report, a sister publication of TRN.

The findings reflect the industry's focus on boosting fees after decades of reportedly underpricing services.

Totalfiduciary asset decline of 15 percent in 2008 was markedly better than the Dow Jones Industrial Average's 34.3 percent slide. Managed asset saw the largest drop, declining by 25 percent. Custody assets had the smallest decline at 13 percent.

The catchall category of "other fiduciary revenue" saw the strongest spike at 35 percent. Another strong category for revenue growth was defined benefit retirement accounts at 11 percent; all other retirement account categories reported declines in gross revenue. The largest decline in revenue was in personal trusts, 15 percent. Net earnings, according to the FDIC, were up 1.4 percent as compared to 2007. (For detailed analysis of income and expenses, see TPR's sister publication, the Fiduciary Income Report.)

Trust Performance Report's annual databook (available in early May) provides both industry and peer group performance data by assets, income, and accounts; subscribers receive quarterly updates. TPR findings are based on its annual survey of the top 1500 fiduciary institutions.

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