---
title: "Trust bank fee structure comparison"
aliases:
  - "trust-bank-fee-structure-comparison"
  - "Japan trust bank fee comparison"
  - "trust bank AUC fee comparison"
  - "信託銀行 fee structure comparison"
domain: banking
created: 2026-05-25
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2026-10-27
confidence: likely
tags: [banking, trust-bank, custody, asset-administration, pension, fees, comparison]
status: active
sources:
  - "https://www.shintaku-kyokai.or.jp/"
  - "https://www.shintaku-kyokai.or.jp/trust/trustbanks/"
  - "https://www.shintaku-kyokai.or.jp/en/pdf/trusts_under_management.pdf"
  - "https://www.mastertrust.co.jp/"
  - "https://www.mastertrust.co.jp/assets/pdf/financial/zm20250521.pdf"
  - "https://www.custody.jp/"
  - "https://www.custody.jp/data/disclosure/pdf/disclosure202507.pdf"
  - "https://www.mufg.jp/dam/ir/financial/index.html"
  - "https://www.smtrust-holdings.co.jp/ir/"
  - "https://www.mizuho-fg.co.jp/investors/index.html"
  - "https://www.bnymellon.com/us/en/investor-relations/financial-reports.html"
  - "https://investors.statestreet.com/"
  - "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"
  - "https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q32024/2024pr-qtr3rslt.pdf"
  - "https://www.jpmorgan.com/securities-services"
  - "https://www.fsa.go.jp/menkyo/menkyoj/kenei.pdf"
---

# Trust bank fee structure comparison

## Wiki route

This entry sits under [[banking/INDEX|banking index]] and complements the operating-model deep dives — read it alongside [[banking/master-trust-bank-operating-model|Master Trust Bank operating model]], [[banking/custody-bank-operating-model|Custody Bank operating model]], [[banking/japan-master-trust-and-custody-bank-landscape|Japan master trust and custody bank landscape]], the cross-camp matrix [[banking/japan-trust-bank-vs-global-custodian-comparison-matrix|Japan trust bank vs global custodian comparison matrix]], and the operating comparison [[banking/trust-bank-custody-operating-comparison|trust-bank custody operating comparison]]. Pair it with the entity pages [[trust-banks/master-trust-bank|MTBJ]], [[trust-banks/custody-bank|CBJ]], [[trust-banks/mitsubishi-ufj-trust-bank|MUFG Trust]], [[trust-banks/sumitomo-mitsui-trust|SMTB]], [[trust-banks/mizuho-trust-bank|Mizuho Trust]], [[trust-banks/smbc-trust-bank|SMBC Trust]], [[foreign-financial-institutions/bny-mellon-japan|BNY Mellon Japan]], [[foreign-financial-institutions/state-street-japan|State Street Japan]], and [[foreign-financial-institutions/jpmorgan-japan|JP Morgan Japan]]. For settlement-rail context see [[banking/jasdec-settlement-operations|JASDEC settlement operations]]. For institutional context see [[finance/japan-listed-financial-groups-investable-universe|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 |
|---|---|---|---|---|
| [[trust-banks/master-trust-bank|MTBJ]] | JP custody-only specialist | ~¥770tn (2025-03末, MTBJ disclosure) | Non-listed | None at line-item; aggregated in MUFG / 4-shareholder consolidated | 
| [[trust-banks/custody-bank|CBJ]] | JP custody-only specialist | ~¥696tn (2025-03末, CBJ disclosure) | Non-listed | None at line-item; aggregated in SMTB / Mizuho-side consolidated |
| [[trust-banks/mitsubishi-ufj-trust-bank|MUFG Trust]] | JP full-service trust bank | Trust assets in 100s of trillions; AUC + real-estate + pension | Subsidiary of [[megabanks/mufg|MUFG]] (listed) | Aggregated segment disclosure |
| [[trust-banks/sumitomo-mitsui-trust|SMTB]] | JP full-service trust bank | Trust assets in 100s of trillions | Subsidiary of [[trust-banks/sumitomo-mitsui-trust|SMT Holdings]] (listed) | Aggregated segment disclosure |
| [[trust-banks/mizuho-trust-bank|Mizuho Trust]] | JP full-service trust bank | Trust assets in 10s-100s of trillions | Subsidiary of [[megabanks/mizuho-fg|Mizuho FG]] (listed) | Aggregated segment disclosure |
| [[trust-banks/smbc-trust-bank|SMBC Trust]] | JP retail-PB-oriented trust bank | <¥10tn (PB / 富裕層 focus) | Subsidiary of [[megabanks/smbc-group|SMBC Group]] (listed) | Aggregated under retail / PB segment |
| [[foreign-financial-institutions/bny-mellon-japan|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 |
| [[foreign-financial-institutions/state-street-japan|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 |
| [[foreign-financial-institutions/jpmorgan-japan|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 |
| [[foreign-financial-institutions/citigroup-japan|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: ^[Official investor-relations, statutory fund, and market-infrastructure publications listed in this entry.]

### 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: ^[Official trust-bank and listed-parent accounting disclosures listed in the frontmatter.]

### 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: ^[Official entity and parent disclosures listed in the frontmatter; figures are comparable only when the issuer's definitions and reporting perimeter match.]

### Fee cost-side from infrastructure participation

| Infrastructure | Fee paid by trust bank (input cost) |
|---|---|
| [[banking/jasdec-settlement-operations|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

- [[banking/INDEX]]
- [[banking/master-trust-bank-operating-model]]
- [[banking/custody-bank-operating-model]]
- [[banking/japan-master-trust-and-custody-bank-landscape]]
- [[banking/japan-trust-bank-custody-map]]
- [[banking/japan-trust-bank-vs-global-custodian-comparison-matrix]]
- [[banking/trust-bank-custody-operating-comparison]]
- [[banking/jasdec-settlement-operations]]
- [[banking/pension-trust-mandate-allocation-japan]]
- [[banking/japan-banking-license-tier-comparison-matrix]]
- [[trust-banks/master-trust-bank]]
- [[trust-banks/custody-bank]]
- [[trust-banks/mitsubishi-ufj-trust-bank]]
- [[trust-banks/sumitomo-mitsui-trust]]
- [[trust-banks/mizuho-trust-bank]]
- [[trust-banks/smbc-trust-bank]]
- [[trust-banks/nochu-trust-bank]]
- [[foreign-financial-institutions/bny-mellon-japan]]
- [[foreign-financial-institutions/state-street-japan]]
- [[foreign-financial-institutions/jpmorgan-japan]]
- [[foreign-financial-institutions/citigroup-japan]]
- [[securities/japan-securities-depository-center]]
- [[securities/japan-securities-clearing-corp]]
- [[finance/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).