Through its banking subsidiaries, Whitney engages in commercial and retail banking and in trust business, including the taking of deposits, the making of secured and unsecured loans, the financing of commercial transactions, the issuance of credit cards, the delivery of corporate, pension and personal trust services, investment services and safe deposit rentals.
Frank Russell, a pension consultancy, calculates that in 1985-95 trust banks' returns on pension assets averaged a cumulative 59%.
This is asking mutual funds, pension funds, bank trust departments, college endowments to flex their muscles and be heard.
FORBES: Runaway CEO Pay Can Be Reduced By Large Activist Shareholders
Are these changes by which the quants and their algorithms are taking over the stock market beneficial for the small investor, not to speak of the mutual funds, pension funds and bank trust departments that also represent the little guy?
The scandal over mis-selling, in addition to raising costs, has made it harder to persuade people to trust a private pension.
The relationship between consultant and pension client is one of utmost trust and confidence.
FORBES: Compelling Pension Consultant Disclosure (June 1, 2002 )
Life-insurance companies and trust banks still largely monopolise pension-fund management.
At that rate, the trust fund on which 31.6 million pension checks are drawn every month will be nearly empty by July 1, 1983.
Thus, when a pension invests with multiple fund of funds managers, pension assets may be custodied at over a hundred entities, such as banks, trust organizations and brokerages, located domestically and abroad, which may or may not be regulated and which may or may not be financially sound.
Companies simply handed their pension money to a life-insurance company that held some of their shares, or to the trust bank in their keiretsu.
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