XML 41 R26.htm IDEA: XBRL DOCUMENT v3.22.0.1
Revenues from Contracts with Customers
12 Months Ended
Dec. 31, 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 Company’s business segments for 2021, 2020 and 2019:
Private
Banks
Investment
Advisors
Institutional
Investors
Investment
Managers
Investments
In New
Businesses
Total
Major Product Lines:For the Year Ended December 31, 2021
Investment management fees from pooled investment products$134,617 $301,581 $57,716 $134 $1,330 $495,378 
Investment management fees from investment management agreements2,271 158,181 282,797 — 14,838 458,087 
Investment operations fees1,512 — — 538,446 — 539,958 
Investment processing fees - PaaS215,473 — — — — 215,473 
Investment processing fees - SaaS113,964 — 1,207 13,792 — 128,963 
Professional services fees22,054 — — 3,508 — 25,562 
Account fees and other3,679 23,187 2,085 25,277 660 54,888 
Total revenues$493,570 $482,949 $343,805 $581,157 $16,828 $1,918,309 
Primary Geographic Markets:
United States$315,040 $482,949 $274,867 $539,843 $16,828 $1,629,527 
United Kingdom111,900 — 53,888 — — 165,788 
Canada48,325 — 4,396 — — 52,721 
Ireland18,305 — 10,151 41,314 — 69,770 
Other— — 503 — — 503 
Total revenues$493,570 $482,949 $343,805 $581,157 $16,828 $1,918,309 
Private
Banks
Investment
Advisors
Institutional
Investors
Investment
Managers
Investments
In New
Businesses
Total
Major Product Lines:For the Year Ended December 31, 2020
Investment management fees from pooled investment products$127,883 $271,627 $53,283 $637 $1,411 $454,841 
Investment management fees from investment management agreements1,470 115,887 262,709 — 12,105 392,171 
Investment operations fees1,804 — — 447,517 — 449,321 
Investment processing fees - PaaS184,711 — — — — 184,711 
Investment processing fees - SaaS113,012 — — 13,739 — 126,751 
Professional services fees21,594 — — 5,753 — 27,347 
Account fees and other4,919 20,050 1,635 21,816 496 48,916 
Total revenues$455,393 $407,564 $317,627 $489,462 $14,012 $1,684,058 
Primary Geographic Markets:
United States$298,708 $407,564 $250,321 $456,547 $14,012 $1,427,152 
United Kingdom97,896 — 51,292 — — 149,188 
Canada41,762 — 5,610 — — 47,372 
Ireland17,027 — 9,850 32,915 — 59,792 
Other— — 554 — — 554 
Total revenues$455,393 $407,564 $317,627 $489,462 $14,012 $1,684,058 
Private
Banks
Investment
Advisors
Institutional
Investors
Investment
Managers
Investments
In New
Businesses
Total
Major Product Lines:For the Year Ended December 31, 2019
Investment management fees from pooled investment products$135,503 $282,253 $54,726 $766 $1,293 $474,541 
Investment management fees from investment management agreements1,616 103,428 266,323 — 11,571 382,938 
Investment operations fees1,634 — — 403,208 — 404,842 
Investment processing fees - PaaS177,046 — — — — 177,046 
Investment processing fees - SaaS132,661 — — 11,036 — 143,697 
Professional services fees15,687 — — 5,209 — 20,896 
Account fees and other6,129 18,097 1,013 20,577 109 45,925 
Total revenues$470,276 $403,778 $322,062 $440,796 $12,973 $1,649,885 
Primary Geographic Markets:
United States$304,860 $403,778 $252,149 $411,984 $12,973 $1,385,744 
United Kingdom102,518 — 52,584 — — 155,102 
Canada43,661 — 6,889 — — 50,550 
Ireland19,237 — 9,588 28,812 — 57,637 
Other— — 852 — — 852 
Total revenues$470,276 $403,778 $322,062 $440,796 $12,973 $1,649,885 
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 a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as 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 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.