Trust bank fee structure comparison
ConfidenceLikelyUpdated2026-07-29Review by2026-10-27Sources16Machine-translatedOriginal (JA)
On this page
- TL;DR
- 1. 機関位置
- Custody fee mechanics
- Pension trust admin fees
- Securities investment trust admin fees
- Real-estate trust fees (full-service trust banks only)
- Cross-entity public comparison boundary
- Fee trends
- Why granular per-bank fee tables are impossible to publish externally
- Public observable per-fund 投信 受託会社報酬
- Regulatory fee constraints
- Accounting view
- Comparability problems
- Fee cost-side from infrastructure participation
- Related
- Sources
Wiki route
This entry sits under banking index and complements the operating-model deep dives — read it alongside Master Trust Bank operating model, Custody Bank operating model, Japan master trust and custody bank landscape, the cross-camp matrix Japan trust bank vs global custodian comparison matrix, and the operating comparison trust-bank custody operating comparison. Pair it with the entity pages MTBJ, CBJ, MUFG Trust, SMTB, Mizuho Trust, SMBC Trust, BNY Mellon Japan, State Street Japan, and JP Morgan Japan. For settlement-rail context see JASDEC settlement operations. For institutional context see Japan listed financial groups investable universe.
TL;DR
Public disclosures support a comparison of business scope and disclosure availability, but not a reliable entity-by-entity fee or “pricing power” ranking. Mandate-level custody and pension terms are generally contractual; investment-trust remuneration is observable fund by fund in prospectuses and trust deeds; listed parents report broader segments. This public page therefore records only observable disclosure boundaries. Analytical estimates remain outside the public corpus.
1. 機関位置
| Entity | Category | Public AUC anchor | Listing | Granular fee disclosure |
|---|---|---|---|---|
| MTBJ | JP custody-only specialist | ~¥770tn (2025-03末, MTBJ disclosure) | Non-listed | None at line-item; aggregated in MUFG / 4-shareholder consolidated |
| CBJ | JP custody-only specialist | ~¥696tn (2025-03末, CBJ disclosure) | Non-listed | None at line-item; aggregated in SMTB / Mizuho-side consolidated |
| MUFG Trust | JP full-service trust bank | Trust assets in 100s of trillions; AUC + real-estate + pension | Subsidiary of MUFG (listed) | Aggregated segment disclosure |
| SMTB | JP full-service trust bank | Trust assets in 100s of trillions | Subsidiary of SMT Holdings (listed) | Aggregated segment disclosure |
| Mizuho Trust | JP full-service trust bank | Trust assets in 10s-100s of trillions | Subsidiary of Mizuho FG (listed) | Aggregated segment disclosure |
| SMBC Trust | JP retail-PB-oriented trust bank | <¥10tn (PB / 富裕層 focus) | Subsidiary of SMBC Group (listed) | Aggregated under retail / PB segment |
| BNY Mellon Japan | Global custodian — Japan unit | JP-specific AUC non-disclosed; parent ~$50tn AuC/A | Subsidiary of BNY Mellon (NYSE) | Parent-level aggregate only |
| State Street Japan | Global custodian — Japan unit | JP-specific AUC non-disclosed; parent ~$46.6tn AuC/A (2024-12) | Subsidiary of State Street (NYSE) | Parent-level aggregate only |
| JP Morgan Japan | Global custodian — Japan unit | JP-specific AUC non-disclosed; parent ~$35tn+ AuC (end-2024) | Subsidiary of JPMorgan Chase (NYSE) | Parent-level aggregate only |
| Citi Japan | Global custodian — Japan unit | JP-specific AUC non-disclosed; parent ~$26.3tn AuC/A (2024-09) | Subsidiary of Citigroup (NYSE) | Parent-level aggregate only |
Sources: ^[MTBJ FY2024 results, https://www.mastertrust.co.jp/assets/pdf/financial/zm20250521.pdf; CBJ 2025 disclosure, https://www.custody.jp/data/disclosure/pdf/disclosure202507.pdf; State Street FY2024 results, https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx; Citigroup Q3 2024 results, https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q32024/2024pr-qtr3rslt.pdf.]
Custody fee mechanics
| Fee component | Pricing logic | Typical magnitude (industry inference, not entity-specific) |
|---|
Pension trust admin fees
| Component | Pricing logic | Magnitude inference |
|---|
Securities investment trust admin fees
| Component | Pricing logic | Source for public observation |
|---|---|---|
| Fund accounting / NAV calc | Bundled into 受託会社報酬 | Stated only as bundled rate |
| Distribution processing | Bundled | Not separately disclosed |
Across the 投信 industry the 受託会社報酬 is typically a small fraction of total fund expense ratio — the bulk of the expense ratio sits at the asset manager (運用会社報酬) and the distributor (販売会社報酬) rather than the trust bank.
Real-estate trust fees (full-service trust banks only)
| Component | Pricing logic | Magnitude |
|---|
This line is absent at MTBJ and CBJ — the custody-only specialists do not run real-estate trust.
Cross-entity public comparison boundary
| Comparison field | Domestic custody-only specialists | Full-service Japanese trust banks | Global custodians’ Japan operations |
|---|---|---|---|
| Legal entity and business scope | Official company profile and FSA list | Official company profile and FSA list | FSA list and local official profile |
| Assets under custody / administration | Entity disclosure where published | Trust-account or segment disclosure; definitions vary | Usually parent-level; Japan-only amount often absent |
| Mandate fee | Generally not published as an entity tariff | Generally not published as an entity tariff | Generally not published for the Japan unit |
| Investment-trust remuneration | Observable in each fund’s statutory documents | Observable in each fund’s statutory documents | Depends on the named trustee and fund |
| Segment revenue | Private-company disclosure may be limited | Listed-parent segment disclosure, not a custody-only fee line | Parent securities-services reporting, not Japan-only |
| Valid conclusion | Scope and disclosure availability | Scope and disclosure availability | Scope and disclosure availability |
Sources: ^[Trust Companies Association of Japan, https://www.shintaku-kyokai.or.jp/trust/trustbanks/; MTBJ and CBJ official disclosures; MUFG, SMT Holdings, Mizuho FG, BNY, State Street, JPMorgan, and Citigroup investor-relations pages listed in the frontmatter.]
Fee trends
| Observation to monitor | Required public evidence |
|---|---|
| Assets under custody / administration | Consistently defined entity or parent disclosure over comparable periods |
| Investment-trust trustee remuneration | Fund prospectus / trust deed for each sampled fund |
| Securities-services revenue | Listed-parent segment result and stated perimeter |
| Pension or real-estate trust activity | Trust-bank or parent disclosure identifying the business line |
| Infrastructure cost | Current JASDEC / JSCC / BoJ tariff or participation document |
Sources: •
Why granular per-bank fee tables are impossible to publish externally
| Reason | Impact |
|---|---|
| Custody fees are mandate-specific contracts | No single tariff per bank |
| Group-consolidated disclosure aggregates many fee lines | Cannot isolate custody from other trust-bank fees |
| 投信 受託会社報酬 disclosed only per fund in each 信託約款 | Manual aggregation needed across all funds |
| Pension trust admin fees are individually negotiated | Including GPIF |
| Global-custodian Japan units do not disclose JP-specific lines | Only parent-level aggregates |
| Real-estate trust fees vary by deal | Cannot benchmark to a per-bp standard |
Sources: ^[Trust Companies Association of Japan, https://www.shintaku-kyokai.or.jp/; official entity and parent disclosures listed in the frontmatter.]
Public observable per-fund 投信 受託会社報酬
For a structured public-data study, the 投信 受託会社報酬 across major fund families is the most observable line:
| Asset manager family | 受託会社 (most common) | Typical 受託会社報酬 (annualized) |
|---|
A precise study would scrape 信託約款 of leading funds for the documented per-fund 受託会社報酬 — the data is public per fund but laborious to aggregate.
Regulatory fee constraints
| Layer | Constraint |
|---|---|
| 信託業法 fiduciary-duty rules | Fees must be fair and disclosed; conflict-of-interest controls |
| 金商法 投信運用報告書 disclosure | Fund-level fees including 受託会社報酬 must be disclosed |
| Pension fund 受託者責任 | Fees subject to pension trustee fiduciary review |
| Stewardship Code | Voluntary; encourages transparent fee disclosure where possible |
| FSA supervisory guidance | General reasonableness review; no rate-cap regime |
Sources: ^[FSA trust-business financial-institution list, https://www.fsa.go.jp/menkyo/menkyoj/kenei.pdf; Trust Companies Association of Japan, https://www.shintaku-kyokai.or.jp/.]
Accounting view
| Item | Entity that recognizes |
|---|---|
| Custody / admin fees as revenue | Trust bank P&L |
| Custody / admin fees as expense | Asset owner / 投信ファンド |
| Off-balance-sheet trust AUC | Not on trust bank’s balance sheet |
| On-balance settlement-account residuals | Trust bank’s balance sheet (small) |
| Lending revenue share | Trust bank revenue + beneficial-owner revenue (split per contract) |
Sources: •
Comparability problems
| Problem | Effect |
|---|---|
| AUC vs AuA definition variation | “Assets under custody” vs “assets under administration” measured differently across entities; cross-entity AUC numbers are not strictly comparable |
| Mix-effect across asset classes | One entity’s mix-weight (domestic equity / JGB / foreign / 投信) differs sharply from another’s |
| Domestic-only vs global aggregation | Global custodians report parent-level numbers; JP-specific lines opaque |
| 投信 受託会社 fees per fund vs per-bank aggregate | Per-fund disclosure can be aggregated manually but is not officially aggregated |
| Real-estate fees revenue lumpy | Full-service trust banks have lumpy deal-driven real-estate fees |
Sources: •
Fee cost-side from infrastructure participation
| Infrastructure | Fee paid by trust bank (input cost) |
|---|---|
| JASDEC participation + per-transaction | Fixed annual + per-ticket fee; published in JASDEC tariff |
| JSCC clearing | Clearing-membership cost + per-trade clearing fee |
| BoJ JGB book-entry | BoJ system participation cost |
| BoJ-net cash settlement | Per-transaction cost |
| 全銀ネット | Per-transaction cost |
| ICSD (via global custodians) | Pass-through global-custody fee |
| Voting platform (ICJ etc.) | Platform fee |
Related
- INDEX
- master-trust-bank-operating-model
- custody-bank-operating-model
- japan-master-trust-and-custody-bank-landscape
- japan-trust-bank-custody-map
- japan-trust-bank-vs-global-custodian-comparison-matrix
- trust-bank-custody-operating-comparison
- jasdec-settlement-operations
- pension-trust-mandate-allocation-japan
- japan-banking-license-tier-comparison-matrix
- master-trust-bank
- custody-bank
- mitsubishi-ufj-trust-bank
- sumitomo-mitsui-trust
- mizuho-trust-bank
- smbc-trust-bank
- nochu-trust-bank
- bny-mellon-japan
- state-street-japan
- jpmorgan-japan
- citigroup-japan
- japan-securities-depository-center
- japan-securities-clearing-corp
- japan-listed-financial-groups-investable-universe
Sources
- Trust Companies Association of Japan: trust-bank explanation, trust-assets statistics.
- Master Trust Bank of Japan: official site and business overview; FY2024 results (AUC ~¥770tn, 2025-03末): https://www.mastertrust.co.jp/assets/pdf/financial/zm20250521.pdf
- Custody Bank of Japan: official site and business overview; 2025 disclosure (預り資産 ~¥696tn, 2025-03末): https://www.custody.jp/data/disclosure/pdf/disclosure202507.pdf
- MUFG, SMT Holdings, Mizuho FG, SMBC Group: investor relations financial disclosure.
- BNY Mellon, State Street, JPMorgan Chase, Citigroup: investor relations financial reports.
- State Street FY2024 results (AuC/A $46.6tn, 2024-12): https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx
- Citigroup Q3 2024 results (Securities Services AuC/A $26.3tn, 2024-09): https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q32024/2024pr-qtr3rslt.pdf
- J.P. Morgan Securities Services (AuC ~$35tn+, end-2024): https://www.jpmorgan.com/securities-services
- FSA: trust-business financial institution list.
- Individual fund 信託約款 / 目論見書 (where 受託会社報酬 is disclosed).
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