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(June 5, 2024 --Chicago, IL) -- Double-digit asset gains for trust institutions did not translate into strong revenues in 2023, even though more institutions raised fees than originally forecasted they would, according to Trust Performance Report 2024.

The weaker than expected gross fiduciary revenue performance can be traced to the ongoing hesitancy among the industry's largest trust institutions to raise fees. It also appears to turn on 2023's greater increase in nonmanaged accounts, than in managed accounts. Nonmanaged accounts tend to have a lower fee rate than do managed accounts. Smaller institutions reported stronger revenue performance, but the results varied greatly by and within peer groups.

Gross revenues for the trust industry grew by a weighted average of 3 percent, with a median of 4 percent.

The largest institutions continued to hold the industry back.

Over the past five years, Peer Group 1 institutions (those with assets over $100 billion) have reported average annual revenue growth of 2.8 percent, compared with 4.2 percent growth for the rest of the industry. Over the past 10 years, the growth gap is even larger: 3 percent for Peer Group 1, compared with 6.1 percent for the remainder of peer groups.

These and other findings are detailed in A.M. Publishing's Trust Performance Report 2024. The report is based on A.M. Publishing's Annual Survey of Trust Assets. The survey gathers and analyzes the data of more than 1100 institutions, including bank trust divisions, national trust companies, and independent trust companies. The survey has been conducted annually since 2001.

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Trust Performance Report -- the annual data book, published in May, provides both industry and peer group performance data by assets, gross revenue, net income, and account category .. as well as 3-year growth data and account balance average by account category. Subscribers receive semiannual updates. TPR findings are based on its annual survey of the top 1100 fiduciary institutions. For more best practices and benchmark data see TPR. For information on ordering click here or the link below.

Fiduciary Earnings & Expenses -- the annual data book compares 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.

For Sample copies of both publications click here and then, on the web page, check "Trust Performance Report."

Data Files -- a spreadsheet version of Trust Performance Report is available. For more information on rates, please visit … Discounts apply for subscribers to Trust Performance Report. For more information on discounts, please email:

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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