Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the total average daily market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.

Disaggregation of Revenue

The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the three months ended March 31, 2020 and 2019:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2020
Investment management fees from pooled investment products	$	32,844	$	70,180	$	13,317	$	193	$	359	$	116,893
Investment management fees from investment management agreements	347		27,420		65,710		—		2,963		96,440
Investment operations fees	475		—		—		106,201		—		106,676
Investment processing fees - PaaS	46,153		—		—		—		—		46,153
Investment processing fees - SaaS	29,169		—		—		3,251		—		32,420
Professional services fees	2,715		—		—		1,274		—		3,989
Account fees and other	1,518		4,721		176		5,710		66		12,191
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762

Primary Geographic Markets:
United States	$	74,014	$	102,321	$	62,089	$	108,443	$	3,388	$	350,255
United Kingdom	24,359		—		12,824		—		—		37,183
Canada	10,401		—		1,598		—		—		11,999
Ireland	4,447		—		2,530		8,186		—		15,163
Other	—		—		162		—		—		162
Total revenues	$	113,221	$	102,321	$	79,203	$	116,629	$	3,388	$	414,762



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended March 31, 2019
Investment management fees from pooled investment products	$	32,973	$	66,623	$	13,661	$	205	$	309	$	113,771
Investment management fees from investment management agreements	702		23,838		66,171		—		2,698		93,409
Investment operations fees	376		—		—		94,867		—		95,243
Investment processing fees - PaaS	43,911		—		—		—		—		43,911
Investment processing fees - SaaS	34,708		—		—		2,549		—		37,257
Professional services fees	3,777		—		—		1,417		—		5,194
Account fees and other	1,812		4,300		281		5,611		31		12,035
Total revenues	$	118,259	$	94,761	$	80,113	$	104,649	$	3,038	$	400,820

Primary Geographic Markets:
United States	$	77,454	$	94,761	$	62,325	$	98,058	$	3,038	$	335,636
United Kingdom	25,350		—		13,466		—		—		38,816
Canada	10,660		—		1,727		—		—		12,387
Ireland	4,795		—		2,311		6,591		—		13,697
Other	—		—		284		—		—		284
Total revenues	$	118,259	$	94,761	$	80,113	$	104,649	$	3,038	$	400,820

Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the average market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the average market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the average market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Software as a Service - Revenues associated with clients that outsource investment processing technology software and computer processing by accessing our proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.

Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.

Revenue is recognized by the Company when the performance obligations are satisfied and transfer of control to the client is completed. The majority of the Company’s performance obligations are satisfied and control is transferred to the client continuously. Therefore, revenue is recognized on a monthly basis. The amount of revenue recognized reflects the amount of consideration expected to be received by the Company in exchange for satisfied performance obligations.

The Company does not disclose the value of unsatisfied performance obligations as the majority of its contracts relate to: 1) contracts with an original term of one year or less; 2) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed; and 3) contracts that are based on the value of assets under management or administration.