Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 226

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 226
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% of total revenue for 2023. 

The following discussion explains the composition of certain elements of our noninterest income and the factors that caused those elements to change.

Figure 3. Noninterest Income 

57

Trust and investment services income

Trust and investment services income consists of brokerage commissions, trust and asset management fees, and insurance income. The assets under management or administration that primarily generate these revenues are shown in Figure 4. For 2024, trust and investment services income increased $41 million, or 7.9%. This was primarily due to an increase in investment management income and other fees stemming from increased assets under management.

A significant portion of our trust and investment services income depends on the value and mix of assets under management. At December 31, 2024, our bank, trust, and registered investment advisory subsidiaries had assets under management or administration of $61.4 billion, compared to $54.9 billion at December 31, 2023. The increase from 2023 to 2024 was attributable to movements in the market and net new business. 

Figure 4. Assets Under Management or Administration 

Year ended December 31,  Change 2024 vs. 2023Dollars in millions20242023AmountPercentDiscretionary assets under management by investment type:Equity$34,541 $30,724 $3,817 12.4 %Fixed income13,942 13,775 167 1.2 Money market6,785 6,187 598 9.7 Total discretionary assets under management$55,268 $50,686 $4,582 9.0 %Non-discretionary assets under administration6,093 4,173 1,920 46.0 Total $61,361 $54,859 $6,502 11.9 %

Investment banking and debt placement fees

Investment banking and debt placement fees consist of syndication fees, debt and equity securities underwriting fees, merger and acquisition and debt placement advisor fees, gains on sales of commercial mortgages, and agency origination fees. For 2024, investment banking and debt placement fees increased $146 million, or 26.9%, from the prior year reflective of growth across all products excluding commercial mortgage activity. 

Service charges on deposit accounts

Service charges on deposit accounts decreased $9 million, or 3.3%, in 2024 compared to the prior year