KeyBank 2013 Annual Report Download - page 64

money market portfolios from 2011 to 2012 were mostly offset by a decrease in the securities lending portfolio.
Our securities lending business declined from 2011 to 2012; we reduced emphasis on this business, which
resulted in lower transaction volumes, client departures, and fewer assets under management.
Figure 9. Assets Under Management
December 31, Change 2013 vs. 2012
dollars in millions 2013 2012 2011 Amount Percent
Assets under management by investment type:
Equity $ 20,971 $18,013 $17,464 $ 2,958 16.4 %
Securities lending 3,422 3,147 4,950 275 8.7
Fixed income 9,767 10,872 10,556 (1,105) (10.2)
Money market 2,745 2,712 1,285 33 1.2
Total $ 36,905 $34,744 $34,255 $ 2,161 6.2 %
Investment banking and debt placement fees
Investment banking and debt placement fees consist of syndication fees, debt and equity financing fees, financial
advisor fees, gains on sales of commercial mortgages, and agency origination fees. In 2013, investment banking
and debt placement fees increased $6 million, or 1.8%, from one year ago. In 2012, investment banking and debt
placement fees increased $103 million, or 46%, from 2011, primarily due to increased levels of debt and equity
financings and advisor fees.
Operating lease income and other leasing gains
Operating lease income and other leasing gains decreased $87 million during 2013 and increased $38 million in
2012 compared to 2011 due to gains on the early terminations of leveraged leases. Product run-off also
contributed to the decrease from 2012 to 2013. Accordingly, as shown in Figure 10, operating lease expense also
declined from 2012 to 2013.
Cards and payments income
Cards and payments income, which consists of debit card, consumer and commercial credit card, and merchant
services income, increased $27 million, or 20%, from 2012 to 2013, and decreased $28 million, or 17.2%, from
2011 to 2012. The increase from 2012 to 2013 was primarily due to the third quarter 2012 credit card portfolio
acquisition. The decrease from 2011 to 2012 was primarily due to government pricing controls on debit
transactions that went into effect October 1, 2011.
Consumer mortgage income
Consumer mortgage income decreased $21 million, or 52.5%, from 2012 to 2013, and increased $8 million, or
25%, from 2011 to 2012. The decrease from 2012 to 2013 was primarily due to lower mortgage originations.
Mortgage servicing fees
Mortgage servicing fees increased $34 million, or 141.7%, from 2012 to 2013, and decreased $2 million, or
7.7%, from 2011 to 2012. The increase in mortgage servicing fees from 2012 to 2013 was due to higher levels of
core servicing fees and special servicing fees as a result of the 2013 acquisition of a commercial mortgage
servicing portfolio.
Other income
Other income, which consists primarily of gain on sale of certain loans, other service charges, and certain dealer
trading income, decreased $43 million, or 38.7%, from 2012 to 2013, and increased $55 million, or 98.2%, from
2011 to 2012. Other income was higher in 2012 than it was in 2011 or 2013 due to a $54 million gain on the
redemption of trust preferred securities.
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