Trustees for the Wrong ReasonsTrustees for the Wrong Reasons
How often do we hear these days: Well, you have to understand, we're not really in the trust business for the trustee fees or We are a bank. Trusteeship is just an adjunct to our core business or What new assets will we bring under management if we take on this trusteeship? Perhaps it was inevitable. Precipitous falls in the financial markets (equals falling revenues) and the incessant stream of new
May 1, 2003
Ian A. Marsh
How often do we hear these days: “Well, you have to understand, we're not really in the trust business for the trustee fees”; or “We are a bank. Trusteeship is just an adjunct to our core business”; or “What new assets will we bring under management if we take on this trusteeship?”
Perhaps it was inevitable. Precipitous falls in the financial markets (equals falling revenues) and the incessant stream of new regulation (equals rising costs) have led all in the private-wealth management business to focus more closely on the costs and benefits of both new and existing business. But rather than give up the trust business, many institutions seem determined to retain it primarily as a means of getting more financial assets under man...
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