2014 Transfer Agent Market Share

For the past two years, we have looked at the market share of Transfer Agents engaged by active SEC registrants, and for the third year in a row, the same five agencies remain on top.

Computershare/BNY Mellon (Computershare) and American Stock Transfer & Trust (AST) continue to dominate the public company marketplace with a combined market share of 55.51%, an increase of nearly 10% compared to last year. Gains from AST contributed the bulk of the increase. Since 2012, AST’s share of the market has grown a whopping 53%, as the firm has grown from just 15% of the market in 2012 to almost 23% in 2014. Computershare remained flat with 32.60% in 2014, compared to 32.14% last year. These two firms undoubtedly remain the industry leaders.

Wells Fargo Bank also continues to show steady growth, though on a smaller scale. Since 2012, the bank has gone from 3.80% to 4.35% last year, to 4.70% this year.

Registrar & Transfer presents a different story. Although the firm appears to have lost significant market share – moving into fifth place – the reality is that they were actually acquired by Computershare this past May, and R&T’s clients are being incorporated into Computershare.*

AST also made a significant expansion move in the market, acquiring Illinois Stock Transfer in June, which surely contributed to their strong growth this past year.*

Another way to look at trends in transfer agent market share is to consider activity related to initial public offerings. When we turn to the transfer agents of companies going public, AST and Computershare, no surprise, are also the market leaders.

Computershare saw a slight dip in its share of new public companies, while AST remained flat compared to last year’s numbers. Meanwhile, a new contender for IPO market share, VStock Transfer LLC, joined the top five with 3.94% market share, a huge leap from just 0.69% in 2010.

Audit Analytics is looking forward to taking part in the 103rd Annual Conference of the Securities Transfer Association. If you are interested in learning more about our Transfer Agent database, please contact us for more information.

*At the time of this analysis, Registrar & Transfer and Illinois Stock Transfer are still active SEC transfer agents, which is why they have been kept separate from Computershare and AST figures.