part of a bank engaged in settling estates, administering trusts and guardianships, and performing agency services. As part of its personal trust and estate planning services, it manages investments for large accounts. Known for their conservative investment philosophy, such departments have custody over billions of dollars. The departments also act as trustees for corporate bonds, administer pension and profit-sharing plans, and function as transfer agents.
part of a bank engaged in settling estates, administering trusts and guardianships, and performing agency services. As part of its personal trust and estate planning services, it manages investments for large accounts. People who cannot or do not want to make investment decisions are commonly bank trust department clients. Known for their conservative investment philosophy, such departments have custody over billions of dollars, making them a major factor in the movement of stock and bond prices.
Among other things, the departments also act as trustee for corporate bonds, administer pension and profit-sharing plans, and function as transfer agents.
