The information contained in the profiles in this special report was obtained from questionnaires sent to the banks and from follow-up calls. All information is r1995 Crain Communications Inc.
Reproduction without permission is prohibited.
AmalgaTrust Co. Inc.
1 W. Monroe, Chicago, Ill. 60603; phone: (312) 822-3296; fax: (312) 822-8527
($ millions)
Domestic master custodial assets5,380
Domestic master custodial clients68
Account supervisors3
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Securities lending
AmalgaTrust Co. Inc. reported new, tax-exempt domestic master custody business of $180 million in the year ended June 30.
The primary accounting method is full accrual, trade date. Partial accrual, settlement date also is offered.
Services offered in the basic master trust/master custodial agreement are full custody, complete financial reporting, and an outside manager and consultant interface.
Performance measurement and analysis, benefit payments, union participant services package, general ledger interface, enhanced banking services and cash management are available for additional fees.
New features include a portfolio approach to securities lending.
Fees are based on market value, account and transactions.
The client contact is William J. Uher.
Bank of Boston
150 Royall St., Canton, Mass. 02021; phone: (617) 575-2000; fax: (617) 575-3011
($ millions)
Domestic master trust assets15,200
Tax-exempt8,200
Taxable7,000
Domestic master custodial assets4,500
Domestic master trust clients:
Tax-exempt243
Taxable11
Domestic master custodial clients251
Account supervisors12
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Bank of Boston reported new, tax-exempt domestic master trust business of $800 million in the year ended June 30 and new, tax-exempt domestic master custodial business of $600 million.
The accounting methods are trade date, full accrual; settlement date; and cash basis.
Services offered include safekeeping, income collection, trade settlement, corporate actions and proxy administration, donor accounting, benefit payments, cash management, record keeping, performance measurement, tax reporting, securities lending, foreign exchange and a full range of online information reporting products.
New features include international securities lending.
Fees are based on individual relationships.
The client contact is Virginia Knowlton.
The Bank of New York
1 Wall St., New York, N.Y. 10286; phone: (212) 635-1795; fax: (212) 809-9548
($ millions)
Domestic master trust assets190,214
Tax-exempt152,764
Taxable37,450
Domestic master custodial assets231,028
Domestic master trust clients:
Tax-exempt450
Taxable21
Domestic master custodial clients120
Account supervisors70
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Currency balances
Cash projections
Securities on loan
Foreign exchange
The Bank of New York reported new, tax-exempt domestic master trust business of $27.295 billion in the year ended June 30 and new, tax-exempt domestic master custodial business of $44.086 billion.
The primary accounting method is fully accrued trade and settlement date. Average cost, tax lot, LIFO, FIFO, amortized cost and liability also are offered.
Services offered in the basic master trust/master custodial agreement are worldwide settlement and safekeeping, full asset servicing, trust administration, multicurrency accounting and reporting, cash management, electronic communication and client training.
Benefit disbursements, performance measurement/portfolio analytics, plan accounting, investment management services, foreign exchange and brokerage services are available for additional fees.
Record-keeping services offered include plan accounting, participant record keeping, benefit disbursements and ERISA reporting.
New features include expansion of its subcustodial network and 401(k) services.
Fees are based on market value, transaction volume, portfolio structure and services.
The master trust client contact is Eric Kamback; the master custody client contact is Paul McNamara.
Bank One Trust Co. N.A.
100 E. Broad St., Columbus, Ohio 43215; phone: (614) 248-9385; fax: (614) 248-9856
($ millions)
Domestic master trust assets11,000
Tax-exempt3,000
Taxable8,000
Domestic master custodial assets43,000
Domestic master trust clients:
Tax-exempt117
Taxable17
Domestic master custodial clients5
Account supervisors4
Reports available on-line:
Monthly transaction
Asset & liability
Bank One Trust Co. N.A.'s primary accounting method is time-based dollar accrual. Trade/settlement date cash accounting also is offered.
Services offered in the basic master trust/master custodial agreement are short-term sweep, fund/unitized accounting, cash management, audit services, tax work, settlement, safekeeping, valuation, standard reporting and other custody work.
Performance measurement, on-line access, pooled income fund administration, distribution computation, special reporting, securities lending and investment management are available for additional fees.
Record-keeping services offered include defined contribution plan participant record keeping and loan record keeping.
Fees are based on market value and transactions.
