XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.1
Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and 2021:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Three Months Ended March 31, 2022
Investment management fees from pooled investment products$33,118 $71,993 $13,866 $84 $367 $119,428 
Investment management fees from investment management agreements255 42,008 68,460 — 4,126 114,849 
Investment operations fees360 — — 145,379 — 145,739 
Investment processing fees - PaaS56,455 — — — — 56,455 
Investment processing fees - SaaS29,559 — 3,110 3,658 — 36,327 
Professional services fees (1)92,729 — — 389 — 93,118 
Account fees and other1,072 5,229 1,403 7,391 432 15,527 
Total revenues$213,548 $119,230 $86,839 $156,901 $4,925 $581,443 
Primary Geographic Markets:
United States$80,886 $119,230 $70,563 $144,025 $4,925 $419,629 
United Kingdom116,663 — 12,749 — — 129,412 
Canada11,800 — 1,242 — — 13,042 
Ireland4,199 — 2,167 9,822 — 16,188 
Luxembourg— — — 3,054 — 3,054 
Other— — 118 — — 118 
Total revenues$213,548 $119,230 $86,839 $156,901 $4,925 $581,443 
(1) Professional services fees of the Private Banks segment includes one-time early termination fees of $88,000 related to a contractual agreement with a significant client of the Company. In accordance with Accounting Standards Codification 606, the entire amount of the fees received were recorded during the three months ended March 31, 2022 as there were no future performance obligations of the Company related to the agreement upon termination.
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
Major Product Lines:For the Three Months Ended March 31, 2021
Investment management fees from pooled investment products$32,564 $72,654 $14,088 $59 $329 $119,694 
Investment management fees from investment management agreements473 34,714 69,943 — 3,386 108,516 
Investment operations fees369 — — 125,161 — 125,530 
Investment processing fees - PaaS50,876 — — — — 50,876 
Investment processing fees - SaaS27,810 — — 3,706 — 31,516 
Professional services fees4,407 — — 1,147 — 5,554 
Account fees and other1,109 5,926 468 6,346 151 14,000 
Total revenues$117,608 $113,294 $84,499 $136,419 $3,866 $455,686 
Primary Geographic Markets:
United States$75,095 $113,294 $66,720 $127,016 $3,866 $385,991 
United Kingdom26,665 — 13,729 — — 40,394 
Canada11,482 — 1,302 — — 12,784 
Ireland4,366 — 2,619 9,403 — 16,388 
Other— — 129 — — 129 
Total revenues$117,608 $113,294 $84,499 $136,419 $3,866 $455,686 
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 the Company's 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 associated with portfolio intelligence and workflow solutions offered to clients of the Institutional Investors segment and revenues associated with technology and outsourced services that support the accounting, investment management, and reporting functions for family offices and their service providers offered to clients of the Investment Managers segment. The contractual fee is primarily based on an annual fixed fee for software licenses and data management services. The client is billed in advance with various billing terms. Revenue recorded in advance of the performance of services is deferred and recognized when earned. 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.