2017 Transfer Agent Market Share

For the past five years, we have examined the market share of transfer agents engaged by active SEC registrants. During this time, we have noted only minor changes to the market share of the top five transfer agents- Computershare/BNY Mellon, American Stock Transfer & Trust (“AST”), Wells Fargo, and Continental Stock Transfer & Trust Co have all remained at the top. Broadridge Corporate Issuer Solutions, Inc made its debut in 2015 when Registrar & Transfer Co. stopped filing, a result of its acquisition by Computershare; Broadridge has been in the top five since.

We have seen only slight market share changes for the top five transfer agents, who now have a combined market share of just over 76%. The most notable change since our last analysis, is from Wells Fargo who held 4.36% of the market share in 2016, with an increase to 5.83% this year.

Looking at the Transfer Agent market share for new IPO companies, Computershare, AST and Continental have been at the top each year. Vstock, Broadridge, Wells Fargo, and Citibank, who have remained competitive throughout the years, have also made appearances throughout this time.  With only 148 IPOs through the middle of October, it was a tough battle, and it should be noted that Vstock and Broadridge each only needed one more IPO client to tie Wells Fargo.

Although the transfer agent market share has been relatively consistent since 2012, perhaps we will see a difference next year now that CST Trust Company has joined the AST brand as AST Trust Company (Canada).

Audit Analytics tracks the stock transfer agents for over 11,000 SEC registrants. Key data points include number of shareholders and current stock transfer agent. For more information, e-mail info@auditanalytics.com or call 508-476-7007.

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