Company: MTB-PJ
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006267
Chunk: 149

Company: M&T BANK CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 149
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 services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets (including retirement plan assets prior to the sale of CIT); and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. 

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Table 30

TRUST INCOME AND ASSETS UNDER MANAGEMENT

Change fromYear Ended December 31,2023 to 20242022 to 2023(Dollars in millions)202420232022Amount%Amount%Trust incomeInstitutional Services$349 $369 $442 $(20)-6 %$(73)-16 %Wealth Management323 309 299 14 5 10 3 Commercial3 2 — 1 61 2 100 Total trust income$675 $680 $741 $(5)-1 %$(61)-8 %

(Dollars in millions)December 31, 2024December 31, 2023Assets under management at period endTrust assets under management (excluding proprietary funds)$65,798 $63,963 Proprietary mutual funds14,461 14,772 Total assets under management$80,259 $78,735 

In April 2023, M&T completed the divestiture of its CIT business to a private equity firm. Revenues associated with that business and included in Institutional Services trust income totaled $60 million and $165 million during 2023 and 2022, respectively. After considering expenses, the results of operations of that business were not material to M&T's net income in 2023 and 2022. Institutional Services trust income not related to the CIT business increased $40 million in 2024 as compared with 2023 reflecting higher sales and fund management fees from its global capital markets business. The rise in trust income from the Wealth Management business in 2024 as compared with 2023 reflected the impact of higher levels of assets under management and improved market performance associated with those managed assets.

Brokerage services income

Brokerage services income, which includes revenues from the sale of mutual funds and annuities, securities brokerage fees and select investment products of LPL Financial, an independent financial services broker