Trust Updates Archive

State Street BNY Mellon Fiduciary Assets Gross Revenues Trust Performance Estates Net Income Chase Northern Bernard Garbo Trust Institutions Earned $37.5 Billion on more than $105 Trillion in Total Assets

(May 28, 2015 --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 $37.5 billion in gross revenues on $105.3 trillion in total assets. For the second consecutive year, this sets a new industry record. While assets have been setting new records since 2010, revenue lagged until 2013. Revenue growth is expected to set another record in 2015.

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 188-page report (for information on ordering, see below).

Aggregate industry asset grew by 7 percent in 2014, down from the prior year. Asset growth was boosted by net new account growth of 7 percent; substantially up from 2013's rate of 2 percent. However, median new account growth was only 1 percent in 2014, suggesting uneven performance. Institutions with assets over $100 billion, peer group 1, were the only group to report a decline in accounts: 0.27 percent. Midtiers, those with assets between $1 billion and $10 billion, which reported the highest growth in 2013, reported the weakest growth in new account growth in 2014: 1.3 percent.

State Street’s $28 trillion in total assets secured it the number one spot for the second consecutive year. BNY Mellon remains a distance second at $24.8 trillion; it first edged out State Street in 2007 for the number one spot.

The asset base of institutions with over one trillion dollars in assets is dominated by custody accounts. However, starting in 2013 and continuing into 2014, many of these eight (8) institutions reported strong growth in so-called traditional trust assets: personal trusts, retirement accounts, and investment management agencies. State Street reported a 10 percent increase in these assets in 2014, which follows a near 25 percent increase in 2013. Conversely, BNY Mellon reported an 8 percent decline in traditional assets, with only a 1 percent increase in 2013.

The remainder of the Trillion Dollar Club is comprised of Chase ($21 trillion), Citigroup ($12 trillion), Northern Trust ($6.1 trillion), U.S. Bank ($1.9 trillion), Wells Fargo ($1.8 trillion), and Blackrock Institutional Trust ($1.1 trillion). Fidelity Management, which was a member of the trillion dollar club in 2013, restructured reporting in 2014 and now reports as two separate entities: Pyramis Global Advisors Trust ($77 billion) and Fidelity Personal Trust Company ($24 billion). The bulk of Fidelity Management's assets were held in nonmanaged retirement assets.

For more information on trust industry statistics and performance benchmarks, see the current issue of Trust Performance Report 2015.

Trust Performance Report -- 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 best practices and benchmark data see TPR. For information on ordering click here or the link below.

Fiduciary Earnings & Expenses -- annual data book comparing performance among independent trust companies to that of OCC national trust companies and to bank trust divisions. For information on ordering click here or the link below.

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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