KeyBank 2014 Annual Report Download - page 61

Figure 9. Assets Under Management
December 31, Change 2014 vs. 2013
dollars in millions 2014 2013 2012 Amount Percent
Assets under management by investment type:
Equity $ 21,393 $20,971 $18,013 $ 422 2.0 %
Securities lending 4,835 3,422 3,147 1,413 41.3
Fixed income 10,023 9,767 10,872 256 2.6
Money market 2,906 2,745 2,712 161 5.9
Total $ 39,157 $36,905 $34,744 $2,252 6.1 %
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. For 2014, investment banking
and debt placement fees increased $64 million, or 19.2%, from the prior year. For 2013, investment banking and
debt placement fees increased $6 million, or 1.8%. These increases reflect the benefits of our business model —
focusing on targeted industries — including the addition of the technology sector with the 2014 acquisition of
Pacific Crest Securities.
Service charges on deposit accounts
Service charges on deposit accounts declined $20 million, or 7.1%, in 2014 compared to the prior year, and $6
million, or 2.1%, in 2013 compared to the prior year due to lower maintenance fees and overdraft charges.
Operating lease income and other leasing gains
Operating lease income and other leasing gains decreased $21 million, or 17.9%, during 2014 compared to the
prior year, and $84 million, or 41.8%, in 2013 compared to 2012 due to lower gains on the early terminations of
leveraged leases. Product run-off also contributed to the declines between years. Accordingly, as shown in Figure
10, operating lease expense related to the rental of leased equipment also declined between years.
Corporate services income
Corporate services income increased $6 million, or 3.5%, in 2014 compared to 2013, driven by higher non-yield
loan fees, and $4 million, or 2.4%, in 2013 compared to 2012 primarily due to an increase in letter of credit fees.
Cards and payments income
Cards and payments income, which consists of debit card, consumer and commercial credit card, and merchant
services income, increased $4 million, or 2.5%, in 2014 compared to 2013. Credit card fees were higher due to
growth in both rate and volume while increased merchant fees were driven by volume. Cards and payments
income increased $27 million, or 20%, in 2013 compared to 2012 primarily due to the third quarter 2012 credit
card portfolio acquisition.
Consumer mortgage income
Consumer mortgage income declined $9 million, or 47.4%, in 2014 compared to 2013, and $21 million, or
52.5%, in 2013 compared to 2012 primarily due to lower mortgage originations caused by increasing mortgage
interest rates.
Mortgage servicing fees
Mortgage servicing fees decreased $12 million, or 20.7%, in 2014 compared to 2013 due to lower special
servicing fees. Mortgage servicing fees increased $34 million, or 141.7%, in 2013 compared to 2012 due to
higher levels of core servicing and special servicing fees as a result of the 2013 acquisition of a commercial
mortgage servicing portfolio.
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