In the fourth quarter of 2012, noninterest income accounted for 33 percent of City National's total revenue, compared to 30 percent in the fourth quarter of 2011 and 34 percent in the third quarter of 2012.
City National's assets under management totaled $38.2 billion as of December 31, 2012, up 22 percent from the same period of 2011 and 1 percent higher than the third quarter of 2012.
Trust and investment fees were $44.0 million, up 33 percent from the fourth quarter of 2011 and 1 percent higher than the third quarter of 2012. Full-year trust and investment fee income rose 10 percent from 2011. The year-over-year increases were due primarily to the Rochdale acquisition, as well as higher sales and market appreciation.Brokerage and mutual fund fees totaled $8.4 million, up 74 percent from the year-earlier period but down 7 percent from the third quarter of 2012. Brokerage and mutual fund fee income was $27.8 million for the full-year 2012, up 36 percent from 2011. The year-over-year increases in brokerage and mutual fund fees were due to the acquisition of Rochdale, as well as slightly higher short-term interest rates.
|At or for the||At or for the|
|three months ended||three months|
|Dollars in millions||2012||2011||Change||September 30, 2012||Change|
|Trust and Investment Fee Revenue||$ 44.0||$ 33.0||33||$ 43.5||1|
|Brokerage and Mutual Fund Fees||8.4||4.8||74||9.1||(7)|
|Assets Under Management (1)||38,239.8||31,326.3||22||38,043.1||1|
|Assets Under Management|
|or Administration (1)(2)||56,680.3||46,490.3||22||56,671.8||0|
|(1) Excludes $21.7 billion, $19.8 billion and $16.0 billion of assets under management for asset managers in which City National held a noncontrolling ownership interest as of December 31, 2012, September 30, 2012 and December 31, 2011, respectively.|
|(2) Assets under administration have been revised to exclude City National's investments that were held in custody and serviced by the company's wealth management business. Prior period balances have been reclassified to conform to current period presentation.|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV