XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.
Disaggregation of Revenue
The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended September 30, 2021 and 2020:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Three Months Ended September 30, 2021
Investment management fees from pooled investment products$34,212 $77,123 $13,639 $32 $338 $125,344 
Investment management fees from investment management agreements605 41,688 71,964 — 3,864 118,121 
Investment operations fees363 — — 136,978 — 137,341 
Investment processing fees - PaaS54,191 — — — — 54,191 
Investment processing fees - SaaS28,579 — — 3,848 — 32,427 
Professional services fees4,174 — — 871 — 5,045 
Account fees and other894 5,957 156 5,683 163 12,853 
Total revenues$123,018 $124,768 $85,759 $147,412 $4,365 $485,322 
Primary Geographic Markets:
United States$77,260 $124,768 $68,810 $136,934 $4,365 $412,137 
United Kingdom28,767 — 13,327 — — 42,094 
Canada12,343 — 926 — — 13,269 
Ireland4,648 — 2,570 10,478 — 17,696 
Other— — 126 — — 126 
Total revenues$123,018 $124,768 $85,759 $147,412 $4,365 $485,322 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Three Months Ended September 30, 2020
Investment management fees from pooled investment products$32,256 $68,287 $13,417 $180 $356 $114,496 
Investment management fees from investment management agreements421 29,761 65,811 — 3,041 99,034 
Investment operations fees446 — — 113,037 — 113,483 
Investment processing fees - PaaS47,393 — — — — 47,393 
Investment processing fees - SaaS27,567 — — 3,479 — 31,046 
Professional services fees5,663 — — 2,016 — 7,679 
Account fees and other1,046 5,141 355 5,134 120 11,796 
Total revenues$114,792 $103,189 $79,583 $123,846 $3,517 $424,927 
Primary Geographic Markets:
United States$74,633 $103,189 $62,699 $116,196 $3,517 $360,234 
United Kingdom25,234 — 12,930 — — 38,164 
Canada10,596 — 1,298 — — 11,894 
Ireland4,329 — 2,526 7,650 — 14,505 
Other— — 130 — — 130 
Total revenues$114,792 $103,189 $79,583 $123,846 $3,517 $424,927 

The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the nine months ended September 30, 2021 and 2020:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Nine Months Ended September 30, 2021
Investment management fees from pooled investment products$100,484 $224,816 $41,365 $105 $993 $367,763 
Investment management fees from investment management agreements1,681 114,747 213,249 — 10,811 340,488 
Investment operations fees1,134 — — 394,401 — 395,535 
Investment processing fees - PaaS160,813 — — — — 160,813 
Investment processing fees - SaaS84,831 — — 11,409 — 96,240 
Professional services fees12,509 — — 2,885 — 15,394 
Account fees and other2,850 17,895 1,343 17,839 499 40,426 
Total revenues$364,302 $357,458 $255,957 $426,639 $12,303 $1,416,659 
Primary Geographic Markets:
United States$231,203 $357,458 $203,322 $396,598 $12,303 $1,200,884 
United Kingdom83,514 — 41,091 — — 124,605 
Canada35,977 — 3,426 — — 39,403 
Ireland13,608 — 7,735 30,041 — 51,384 
Other— — 383 — — 383 
Total revenues$364,302 $357,458 $255,957 $426,639 $12,303 $1,416,659 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Nine Months Ended September 30, 2020
Investment management fees from pooled investment products$95,407 $200,718 $39,628 $536 $1,063 $337,352 
Investment management fees from investment management agreements1,060 83,726 194,445 — 8,912 288,143 
Investment operations fees1,359 — — 328,316 — 329,675 
Investment processing fees - PaaS137,737 — — — — 137,737 
Investment processing fees - SaaS84,783 — — 10,122 — 94,905 
Professional services fees11,535 — — 4,674 — 16,209 
Account fees and other3,858 14,774 1,236 16,167 279 36,314 
Total revenues$335,739 $299,218 $235,309 $359,815 $10,254 $1,240,335 
Primary Geographic Markets:
United States$220,254 $299,218 $185,202 $335,776 $10,254 $1,050,704 
United Kingdom71,938 — 38,034 — — 109,972 
Canada30,723 — 4,327 — — 35,050 
Ireland12,824 — 7,321 24,039 — 44,184 
Other— — 425 — — 425 
Total revenues$335,739 $299,218 $235,309 $359,815 $10,254 $1,240,335 
Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of
assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on either a monthly fee or a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The contractual fee may also include additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Investment processing fees - Software as a Service - Revenues associated with clients that outsource investment processing technology software and computer processing by accessing our proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.
Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.