Union Bank and Trust Co.
312 Central Ave. S.E., Suite 508, Minneapolis, Minn. 55414; phone: (612) 379-3222; fax: (612) 379-0629
($ millions)
Domestic master trust assets469
Tax-exempt469
Domestic master custodial assets1,946
Domestic master trust clients:
Tax-exempt620
Domestic master custodial clients287
Account supervisors23
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Income accrual
Pension payments
Consolidated master trust
Union Bank and Trust Co. reported new, tax-exempt domestic master trust business of $270 million in the year ended June 30 and new, tax-exempt domestic master custodial business of $190 million.
The primary accounting method is cash. Accrual also is offered.
Services offered in the basic master trust/master custodial agreement are record keeping, administration, custody and trustee services.
Fees are based on asset value.
The client contact is Joseph E. Johnson.
Wachovia Corp.
100 N. Main St., Winston-Salem, N.C. 27150; phone: (910) 732-4182; fax: (910) 732-6131
($ millions)
Domestic master trust assets46,646
Tax-exempt39,000
Taxable7,646
Domestic master custodial assets15,000
Domestic master trust clients:
Taxable72
Domestic master custodial clients60
Account supervisors30
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Benefit payments
Participant information
Form 5500 reporting
Wachovia Corp. reported new, tax-exempt domestic master trust business of $660 million in the year ended June 30.
The primary accounting method is trade date with accrual. Settlement date also is offered.
Services offered in the basic master trust/master custodial agreement are custody of assets, trade settlement, income collection, corporate actions, ERISA reporting, cash management, variable cycle reporting, SAS70 reporting, plan accounting, multicurrency reporting, on-line inquiry, legal administrative guidance, administration and daily asset pricing.
Investment management and mutual funds, non-qualified plan consulting and administration, SECT administration and consulting, nuclear decommissioning trust administration, discount brokerage, prototype plan documents, securities lending, global custody, benefit payments, participant tax reporting, check imaging, participant loan processing, strategic alliances, employee communications, asset allocation, derivative processing, participant record keeping, compliance testing, performance measurement, portfolio analysis and comparative performance, customized reporting, trade execution reporting, tax reclamation, cash management, proxy voting and monitoring, flexible reporting, charitable unitized accounting, private foundation and tax preparation and deferred gift administration are available for additional fees.
Record-keeping services offered include strategic alliances, daily valuations, SNAVs, participant record keeping for defined contribution plans, participant newsletter, discrimination testing and interactive participant voice response information system.
New features include same day funds settlement, disbursement call center, portfolio information exchange (PC enhancement), death audit and locator service and image processing for disbursement services.
Fees are based on asset value and transactions.
The master trust client contact is Marianne Price; the master custody client contact is David Taylor.
Wells Fargo Bank
707 Wilshire Blvd., MAC #2818-102, Los Angeles, Calif. 90017; phone: (213) 614-4826; fax: (213) 614-4360
($ millions)
Domestic master trust assets85,387
Tax-exempt23,587
Taxable61,800
Domestic master custodial assets47,380
Domestic master trust clients:
Tax-exempt524
Taxable518
Domestic master custodial clients155
Account supervisors70
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Client customized reports
Wells Fargo Bank reported new, tax-exempt domestic master trust business of $700 million in the year ended June 30 and new, tax-exempt domestic master custodial business of $2 billion.
The primary accounting method is accrual. Cash basis also is offered.
Services offered in the basic master trust/master custodial agreement are trustee, cash management, on-line workstation and reporting and custody/global custody.
Investment management, record keeping, performance measurement and securities lending are available for additional fees.
Record-keeping services offered include participant record keeping.
New features include a Windows-based workstation and reporting system and on-line performance measurement.
Fees are based on transactions and asset value.
The master trust client contact is Neal Ringquist; the master custody client contact is Sean Thomas.
Bankers Trust Co.
130 Liberty St., New York, N.Y. 10006; phone: (212) 250-4104; fax: (212) 250-6986
($ millions)
Total global custody assets369,000
U.S. tax-exempt92,000
U.S. taxable104,100
Countries serviced by network63
Countries serviced by subcustodian61
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
20-day cash income projection
Fail reports
Securities lending
Equitable share reporting
Broker commission
Bankers Trust Co., as of June 30, oversaw $369 billion in total global custody assets. Of this, $151.4 billion was as a subcustodian for other banks; $162.1 billion was passed to other banks for subcustody; and $55.5 billion was held in direct custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $10 billion was as a subcustodian for other banks; $52 billion was passed to others for subcustody; and $30 billion was held in direct, in-house custody.
In the past 12 months, the bank gained $627 million in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by transaction volume, safekeeping, administrative services, value added services and assets.
Record-keeping services include benefit payments, defined contribution administration, performance measurement, securities lending, risk management, foreign exchange, investment management and cash services.
The bank lends securities for 80 tax-exempt institutions. The minimum portfolio size of lendable assets is $500 million.
The client contact is Timothy F. Keaney.
