AUMdb

Custodians

Ranked by FY2025 reported client assets held — from Form ADV Schedule D 5.K.(3), where advisers name every custodian holding 10%+ of their separately-managed-account assets and the dollar amount.

#CustodianReported RAUM at custodianAdvisory firms
1 Charles Schwab & Co. $5.0T 6,096
2 BNY Mellon $4.6T 607
3 J.P. Morgan $3.3T 518
4 State Street $2.9T 475
5 National Financial Services (Fidelity) $2.9T 783
6 Merrill Lynch $2.8T 80
7 Northern Trust $2.5T 524
8 Morgan Stanley $2.1T 281
9 Fidelity Brokerage Services $1.5T 1,356
10 Pershing $1.3T 618
11 Raymond James $1.0T 316
12 Citibank $962B 104
13 Edward Jones Trust Company $686B 1
14 American Enterprise Investment Services Inc. $657B 2
15 Goldman Sachs $611B 171
16 The Master Trust Bank Of Japan, Ltd $582B 15
17 Citigroup Global Markets Inc. $579B 39
18 U.S. Bank $478B 177
19 Edward D. Jones & Co., L.P. $395B 2
20 UBS $371B 158
21 LPL Financial $343B 356
22 Vanguard Marketing Corporation $259B 29
23 Wells Fargo $241B 171
24 Fidelity Distributors Company Llc $211B 151
25 Robert W. Baird & Co. Incorporated $186B 10
26 Custody Bank Of Japan, Ltd. $175B 6
27 RBC $172B 138
28 Sanford C. Bernstein & Co., Llc $167B 4
29 Brown Brothers Harriman & Co. $157B 30
30 SEI Private Trust $156B 55
31 Empower Trust Co $142B 22
32 Ssb New York Institutional $130B 3
33 Bank Of America, National Association $127B 34
34 Standard Chartered Plc $120B 2
35 Citigroup, Inc. $117B 12
36 Assetmark Trust Company $107B 25
37 Fidelity Investments $104B 72
38 Us Bancorp $92.6B 28
39 Cibc Mellon Trust Company $83.7B 26
40 The Hong Kong And Shanghai Banking Corporation Limited $81.7B 4
41 Ascensus Broker Dealer Services, Llc $76.1B 21
42 Vanguard Fiduciary Trust Company $74.0B 2
43 U.S. Bancorp Investments, Inc. $72.6B 30
44 Cibc Mellon Global Securities Services $72.5B 8
45 Mtg, Llc $67.4B 17
46 Fidelity Management Trust Company $63.6B 24
47 Hsbc Bank Plc $57.1B 11
48 The Vanguard Group, Inc. $56.3B 22
49 Fidelity $55.5B 21
50 Pnc Bank $53.9B 19

Uses each firm's latest annual updating amendment for FY2025. Custodian families include separately reported subsidiaries or acquired platforms. Covers advisers with separately managed accounts naming a custodian at the 10%+ threshold. Brochure-mined custodians without amounts appear on individual firm pages.