SunTrust Bank's trust and investment management business took a big hit in the third quarter, the parent of the Atlanta-based bank announced on Friday.

Revenue from the business plunged $40 million, or 30%, to $93 million from $133 million in the same quarter last year. Revenue also fell from the previous quarter, dropping $23 million, or 20%.

The decline was due to the revenue it lost as the result of the sale of asset management firm RidgeWorth Capital Management in the second quarter, SunTrust explained in the earnings release.

In fact, the RidgeWorth deal alone would have created a decline of $31 million from the previous quarter if not for strengths elsewhere in the business, which minimized the drop to $23 million. Still a decline, of course, but in the earnings call, SunTrust CFO Aleem Gillani focused on the positive.  "Our core private wealth business grew $8 million," he said.

According to the earnings release, revenue from trust and investment services totaled $339 million for the first nine months of 2014, down $48 million, or 12%, from $387 million in the same period a year ago.

Retail investment services, in contrast, delivered a solid third quarter, generating $76 million in revenue, up 12% from the previous quarter but flat year-over-year. For the first nine months of the year, revenue from the business surged 13% to $224 million from $198 million during the same period the year before.

"Retail investment services and card fees continue to be on a positive track as the result of our ongoing focus on meeting more clients' needs," Gillani said. 

The company's consumer banking and private wealth management business segment, which includes both trust and retail investment services and other businesses, generated $1 billion in revenue, up 3% year-over-year and sequentially from the previous quarter.

"In our consumer and private wealth segment this quarter, we saw solid returns on our recent investments and continued to show good revenue momentum both in our wealth management and lending-related businesses," SunTrust's CEO William Rogers said during the call.

Overall, SunTrust Banks, the parent of SunTrust Bank, earned $433 million on an adjusted basis, or $0.81 per average common diluted share. Earnings per share were up 23% year-over-year but flat from the prior quarter. 

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