Trust Updates Archive

Assets Revenues Trusts Northern BONY Chase Citicorp Trusts Estates A.M. Publishing Garbo Revenues Catching Up, But May Not Reach Record High in 2011

(May 19, 2011 --Chicago, IL) --Total fiduciary assets in 2010 set a new record high. While asset growth rates over the last two years would suggest that in 2011 the industry will set new revenue levels, that may not be the case, according to Trust Performance Report 2011.


* Led by growth in custody and employee benefit accounts, fiduciary assets rose by an average of 9 percent in 2010; matching 2009’s increase. Custody assets rose by 19 percent compared to 2009.

* Total fiduciary assets set a new record of $89.4 trillion: $68.3 nonmanaged, $21.1 trillion managed.

* The industry leader in personal trusts, including charities and foundations, remains the Northern Trust (ranked no. 5 overall). The industry leader in total assets remains BNY Mellon. State Street toppled JPMorgan Chase for the number 2 position.

* The largest institutions, those with assets over $100 billion, saw some of the highest average asset gains (14 percent), but also reported the lowest average revenue gains, 20 percent.

* Custody assets account for 77 percent of fiduciary assets, but only 31 percent of gross revenue.

* Traditional fiduciary assets account for 15 percent of fiduciary assets, but 54 percent of gross revenue.

* Gross revenues rebounded in 2010, after 2009’s sharp drop, for an industry total of $$30.2 billion or up 8 percent over the prior year. Fiduciary revenues, which generally lag asset growth, are still $3.5 billion shy of 2008’s record high.

* Profit margins in 2010 declined marginally for the industry, but the rate of return (based on net income) remained unchanged.

For 2011, fiduciaries remain focused on revenues. Nearly 1 in 4 fiduciaries surveyed by Trust Performance Report say they plan to raise fees. Institutions with total assets under $1 billion remain some of the most aggressive.

Trust Performance Report 2011’s annual data book (published in May) provides both industry and peer group performance data by assets, gross revenue, net income, and account category; subscribers receive quarterly updates. TPR findings are based on its annual survey of the top 1500 fiduciary institutions.

For more performance and benchmark data see Trust Performance Report 2011. For information on ordering Click Here

No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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