In the third quarter of 2013, noninterest income accounted for 29 percent of City National's total revenue, compared to 34 percent in the third quarter of 2012 and 29 percent in the second quarter of 2013.
City National's assets under management or administration totaled $61.5 billion as of September 30, 2013, up 7 percent from the same period of 2012 and 3 percent higher than the second quarter of 2013.
Trust and investment fees were $49.4 million, up 14 percent from the third quarter of 2012 but down 1 percent from the second quarter of 2013. The increase from the year-ago period was due primarily to additional sales and market appreciation.Brokerage and mutual fund fees totaled $7.3 million, down 19 percent from the year-earlier period and 10 percent lower than the second quarter of 2013, largely due to declines in short-term interest rates. Year-to-date 2013 trust and investment fee income was $145.9 million, up 31 percent from the same period of last year. Brokerage and mutual fund fee income was $23.5 million in the first nine months of this year, up 21 percent from the same period of 2012. These increases largely reflect the company's July 2, 2012 acquisition of Rochdale Investment Management, as well as the addition of client assets and market appreciation.
|At or for the||At or for the|
|three months ended||three months|
|Dollars in millions||2013||2012||Change||June 30, 2013||Change|
|Trust and Investment Fee Revenue||$ 49.4||$ 43.5||14||$ 49.8||(1)|
|Brokerage and Mutual Fund Fees||7.3||9.1||(19)||8.1||(10)|
|Assets Under Management (1)||42,811.8||38,620.1||11||41,256.5||4|
|Assets Under Management|
|or Administration (1)||61,476.0||57,248.9||7||59,755.3||3|
|(1) Excludes $26.3 billion, $25.1 billion and $19.8 billion of assets under management for asset managers in which City National held a noncontrolling ownership interest as of September 30, 2013, June 30, 2013 and September 30, 2012, respectively.|
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