Trust Updates Archive
(April 23, 2014 --Chicago, IL) -- Trust bankers are no longer hesitant to increase revenue, based on Trust Performance Report’s annual survey of industry assets. The industry generated $35.7 billion in gross revenues on $103 trillion in total assets. This sets a new industry record, but 2014 may do so again. Nearly a third of trust bankers say they plan to raise management fees in 2014. While the rest may not be raising fees, they are more tightly enforcing their existing fee schedule, which is also boosting their bottom line.
Trust Performance Report, a sister publication of TRN, surveys bank trust divisions, national trust companies, and state-chartered trust companies. The survey is conducted annually in March. Complete findings and analysis are published in TPR’s 182-page report available on May 5.
Based on preliminary findings, trust institutions grew revenue by some 11 percent in 2013, compared to the prior year. Asset growth averaged nearly 13 percent, including net new account growth of 2 percent. Midtiers, those with assets between $1 billion and $10 billion, reported the strongest new account growth: 5 percent.
State Street’s $27 trillion in total assets edged out BNY Mellon’s long-held number one spot.
The asset base of institutions with over one trillion dollars in assets is dominated by custody accounts. However, in 2013, many of these nine (9) institutions reported strong growth in so-called traditional trust assets: personal trusts, managed retirement accounts, and investment management agencies. State Street reported a near 25 percent increase in traditional assets.
BNY Mellon, which edged out State Street in 2007 for the number one spot, reported just over $24 trillion in total assets. BNY Mellon was the only member of the exclusive Trillion Dollar Club to report a decline in total assets.
The remainder of the Trillion Dollar Club is comprised of Chase ($21 trillion), Citigroup ($11 trillion), Northern Trust ($5.6 trillion), Fidelity Management Trust Co. ($2 trillion), Wells Fargo ($1.7 trillion), U.S. Bank ($1.6 trillion), and the newest member Blackrock Institutional Trust ($1 trillion).
For more information on trust industry statistics and performance benchmarks, see the upcoming issue of Trust Performance Report 2014.
Trust Performance Report is the trust industry’s most comprehensive annual and quarterly report of industry best practices and benchmarks. In addition to bank trust divisions, the report contains information on state-chartered trust companies. The 182-page report is published during the first week of May and reports on 1,500 institutions. Quarterly updates report on the top 350 institutions.
To view sample pages of Trust Performance Report, go to http://www.trustupdates.com/TPR2013.Sample.pdf or contact Scott Miller, circulation manager, at firstname.lastname@example.org or by calling 800-404-2116.
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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