The following profiles were omitted inadvertently from the Oct. 31 master trust directory.
Hibernia National Bank
P.O. Box 61540, New Orleans, La. 70161; phone: (504) 533-5531; fax: (504) 533-2838
($ millions)
Domestic master trust assets1,586
Tax-exempt1,014
Taxable572
Tax-exempt domestic master custodial635
Domestic master trust clients:
Tax-exempt12
Taxable5
Domestic master custodial clients:
Tax-exempt6
Account supervisors8
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Hibernia National Bank's primary accounting methods are accrual and cash. Trade date or actual settlement also are offered.
Services offered in the basic master trust/master custodial agreement are custody, income collection, trade settlement processing, capital charges, statements and distributions.
Asset management is available for additional fees.
Record-keeping services offered include retirement plan services, oil & gas and real estate.
Fees are based on market value.
The master trust and master custody client contact is Tim Bergeron.
Marine Midland Bank
250 Park Ave., New York, N.Y. 10177; phone: (212) 503-2724; fax: (212) 503-6780
($ millions)
Domestic master trust assets3
Tax-exempt3
Tax-exempt domestic master custodial2
Domestic master trust clients:
Tax-exempt48
Domestic master custodial clients:
Tax-exempt10
Account supervisors10
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Marine Midland Bank's primary accounting method is trade date. Settlement date also is offered.
Services offered in the basic master trust/master custodial agreement are standard pension and investment services.
Performance analytics and benefit payments are available for additional fees.
Record-keeping services offered include participant record keeping.
Fees are based on assets and complexity of account.
Mellon Trust
1 Boston Place, Boston, Mass. 02108; phone: (617) 722-7314; fax: (617) 722-3549
($ millions)
Domestic master trust assets398,616
Tax-exempt288,803
Taxable109,813
Tax-exempt domestic master custodial214,848
Domestic master trust clients:
Tax-exempt293
Taxable67
Domestic master custodial clients:
Tax-exempt166
Account supervisors150
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Securities lending
Participant record keeping
Benefit disbursement activity
Portfolio analytics
Mellon Trust reported new, tax-exempt domestic master trust business of $6.354 billion in the year ended June 30 and new, tax-exempt domestic master custodial business of $48.239 billion.
The primary accounting methods are trade date, full accrual and average cost. FIFO, LIFO, selected lot, amortization and accretion using straight line or constant yield also are offered.
Services offered in the basic master trust/master custodial agreement are cash management, trade settlement, safekeeping, income collection, accounting and reporting and basic on-line inquiry.
Performance measurement, analytics, securities lending, benefit payments and record keeping are available for additional fees.
Record-keeping services offered include securities lending, benefits payments, participant record keeping, global custody and on-line information delivery.
New features include accounting strategies for multinational master trusts, multiple base accounting, an upgrade of on-line information delivery services and enhanced fixed-income and derivative analytics.
Fees are based on portfolio charges, assets, transactions or services.
The master trust and master custody client contact is Paul S. Maregni.
Montreal Trust Co. of
Canada
15 King St. W., Toronto, Ontario M5H 1B4; phone: (416) 860-5649; fax: (416) 860-5978
($ millions)
Total global custody assets3,900
Account supervisors6
Reports available on-line:
Monthly transaction
Asset & liability
Montreal Trust Co. of Canada, as of June 30, oversaw $3.9 billion in total global custody assets; all was passed to other banks for subcustody.
The bank offers a "private label" product, for which Morgan Stanley Trust Co. is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by assets and transactions.
The client contact is Ray LaForce.
Northern Trust Co.
50 S. LaSalle St., Chicago, Ill. 60675; phone: (312) 630-6000
($ millions)
Total global custody assets66,800
U.S. tax-exempt18,900
U.S. taxable7,200
Account supervisors90
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Northern Trust Co., as of June 30, oversaw $66.8 billion in total global custody assets. Of this, $1.4 billion was as a subcustodian for other banks; and $65.4 billion was held in direct custody.
As of the same date, the bank oversaw $18.9 billion for U.S., institutional, tax-exempt clients; all was held in direct, in-house custody.
Northern offers global custody services in 55 countries, in most of which the services are SEC Section 17(f) qualified.
Its Passport program, which can run on any PC capable of running Microsoft Windows, allows complete access to its custody information and expertise, including trade communication between plan sponsors, fund managers and the bank, information regarding portfolios sorted in any way clients desire, performance measurement and analytics, trade settlement, contributions and withdrawals, tax reclaims, dividend and income payments etc.
Northern Trust offers proxy notification and voting services in 34 countries, including Australia, Argentina, Germany, Malaysia, Singapore, Hong Kong, Japan and the U.K. All non-English proxies are translated.
The bank has a dedicated team based in london to follow, prepare, submit and credit tax reclamations for its clients. Its clients receive relief at source in 19 countries including Australia, Germany, Hong Kong, Japan, the Netherlands, Singapore and the United Kingdom.
Fees are calculated by account structure, market value, transactions and services.
The bank lends securities for 161 tax-exempt institutions and has more than $130 billion in lendable assets. It has securities trading desks in Both Chicago and London staffed to provide global market coverage 24 hours a day.
The client contact is Jennifer Tretheway.
Norwest Bank Minnesota
Norwest Center, Sixth & Marquette, Minneapolis, Minn. 55479-0065; phone: (612) 667-0694; fax: (612) 667-2356
($ millions)
Total global custody assets1,400
U.S. tax-exempt700
U.S. taxable700
Account supervisors12
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Norwest Bank Minnesota, as of June 30, oversaw $1.4 billion in total global custody assets, all of which was held in direct custody.
As of the same date, the bank oversaw $700 million for U.S., institutional, tax-exempt clients, all of which was held in direct, in-house custody.
The bank offers a "private label" product, for which Morgan Stanley Trust Co. is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by basis points, transactions, accounting and reporting and portfolio charges.
The bank lends securities for two tax-exempt institutions. The minimum portfolio size of lendable assets is $1 million.
The client contact is Steven Greenstein.
Union Bank and Trust Co.
312 Central Ave., Suite 508, Minneapolis, Minn. 55414; phone: (612) 379-3222; fax: (612) 379-0629
($ millions)
Tax-exempt domestic master custodial1,624
Account supervisors23
Reports available on-line:
Monthly transaction
Asset & liability
Income accrual
Pension payments
Consolidated master trust
Union Bank and Trust Co. reported new, tax-exempt domestic master custodial business of $194 million in the year ended June 30.
The primary accounting method is cash. Accrual also is offered.
Services offered in the basic master trust/master custodial agreement are record keeping, administration and custody.
The master trust and master custody client contact is Joseph E. Johnson.
United States Trust Co.
of New York
770 Broadway, New York, N.Y. 10003-9598; phone: (212) 388-4280; fax: (212) 388-4295
($ millions)
Total global custody assets7,900
U.S. tax-exempt1,300
U.S. taxable6,350
Account supervisors6
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Daily transaction activity
Daily cash management
Daily pricing
Daily accruals
Foreign exchange
United States Trust Co. of New York, as of June 30, oversaw $7.9 billion in total global custody assets. Of this, $190 million was as a subcustodian for other banks; $7.1 billion was passed to other banks for subcustody; and $610 million was held in direct custody.
As of the same date, the bank oversaw $1.3 billion for U.S., institutional, tax-exempt clients. Of this, $100 million was as a subcustodian for other banks; $1.1 billion was passed to others for subcustody; and $100 million was held in direct, in-house custody.
The bank assists clients with foreign tax withholding.
Fees are calculated by assets and transactions.
Record-keeping services include performance measurement, daily pricing & accruals, cash management, investment analytics, global securities lending and multicurrency reporting.
The bank lends securities for three tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.
The client contact is Robert E. Furst.
