Webster Banks wealth management businesses reaped record revenues in the fourth quarter of 2013. In the fourth quarter, the banks wealth and investment services generated $9.9 million in revenue, up 23.4% from the previous quarter and up 27.1% year-over-year, the banks holding company announced Friday.
For the year, wealth and investment services produced $34.7 million, up 17.8% from $29.5 million the year before.
The increase was largely driven by the banks brokerage unit, Glenn MacInnes, Websters chief financial officer, said during the earnings call. This strength in the quarter relates primarily to our Webster Investment Services unit as a result of continued growth and development of junior brokers and strong incremental production, he said.
Webster expects to see continued growth in the wealth and investment services businesses, MacInnes told analysts on the call. Were seeing strength both in Webster Investment Services and in the private bank. This is a key area of focus for us and strategic investment and were expecting bigger things from wealth and investment services, he said.
Webster launched the private bank in March 2012 and has since invested significantly in beefing up its team of private bankers. It has also hired a chief investment strategist, a director of fiduciary services and more recently a director of relationship management.
Overall, Webster Financial Corp., the banks holding company, earned 41.1 million in the fourth quarter of 2013, down from $47.9 million in the same quarter the year before.