Chevy Chase Trust Company (Bethesda)


Chevy Chase Trust Company is a large advisory firm based in Bethesda. It manages $27.69 billion of regulatory assets for 3,849 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Arizona, California, and 30 other states.

Chevy Chase Trust Company provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, selection of other advisers, publication of newsletters, educational seminars and workshops, and trustee and investment manager for collective funds. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Chevy Chase Trust Company: assets under management

The assets under management (AUM) of Chevy Chase Trust Company is $27.69 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 4645% since the beginning of its operation, and $39.92 million of the total AUM is attributable to clients outside of the United States.

The firm manages $27.69 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $7.19 million each.
Chevy Chase Trust Company has custody of $27.36 billion in cash and securities for 3,613 clients in total and acts as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 48% of the total AUM. The second-largest asset type is state and local bonds, which make up 29% of the firm’s portfolio. Investments in cash and cash equivalents form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Chevy Chase Trust Company for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients William F (Mi Only) Mcsweeny serves?

The firm provides services to insurance companies, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of William F (Mi Only) Mcsweeny is pooled investment vehicles with 4 clients and $20.94 billion of assets under management. Among the 9 most similar advisory firms, Chevy Chase Trust Company has the 4th highest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $27.65 billion for 1,069 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Chevy Chase Trust Company doesn't advise any private funds.

Careers at Chevy Chase Trust Company

The company employs 86 people that are either part- or full-time employees. 36 percent of the employees work as investment advisers or researchers. 35 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

William F (Mi Only) Mcsweeny has been acting as President since 1 Nov 1997. William Edward Lauer has served as the Chief Investment Officer since 1 Aug 1999. Patricia Saul Lotuff joined the executive team most recently as the Director.

Direct owners and executive officers


Name Entity Date acquired Ownership Employer ID
William F (Mi Only) Mcsweeny Director 1 Nov 1997 Other 2743170
Bernard Francis Ii Saul Chairman of the board of directors 1 Nov 1997 Other 1512547
Allison Ann Ferko Chief legal officer 1 Nov 1997 Other 2882256
Chevy Chase Bank Owner 1 Nov 1997 75% - 100% 52-0897004
Leslie Angus Nicholson Director 1 Nov 1997 Other 4388687
William F Mcsweeny Director 1 Nov 1997 Other 2743170
Allison Ann Carriere Chief compliance officer 1 Nov 1997 Other 2882256
Walter Robert Fatzinger Director 1 Mar 1999 Other 1475537
Sherry Leigh Hughes Chief financial officer 1 Mar 1999 Other 4388728
Charles Gordon Cusic Director and president 1 May 1999 Other 1475538
William Edward Lauer Chief investment officer 1 Aug 1999 Other 857404
John R Whitmore Chairman of the board of directors 1 Oct 1999 Other 1483250
Peter Michael Welber President, ceo and director 1 Sep 2003 Other 4717090
Charles Gordon Cusic Director 1 Sep 2003 Other 1475538
Daniel Brendan Mulvey Director 1 Dec 2003 Other 1976010
Natalie Marie Norris Chief compliance officer 1 May 2004 Other 2377634
Paul Roy Duncan Chief compliance officer 1 Jan 2005 Other 3061348
Sherri Lewis Chief financial officer 1 May 2005 Other 4891243
Thomas Mccormick Director 1 Jun 2005 Other 5077780
Thomas Hammond Mccormick Director 1 Jun 2005 Other 5077780
Thomas David Frank Chief investment officer 1 Apr 2008 Other 1637777
Chevy Chase Trust Holdings Inc. Owner 1 Feb 2009 75% - 100% 52-1510202
Chevy Chase Trust Holdings Llc Owner 1 Feb 2009 75% - 100% 52-1510202
Derwood Investment Company Owner 1 Feb 2009 75% - 100% 52-1510202
Howard Gregory Platts Director 1 Mar 2009 Other 5649604
Lasalle Doheny Leffall Director 1 Jun 2009 Other 1477289
Bernard Francis Saul Iii Director 1 Dec 2009 Other 5742158
Gilbert Melville Grosvenor Director 1 Jan 2010 Other 5773175
Gilbert M Grosvenor Director 1 Jan 2010 Other 5773175
Joel Albert Friedman Chief financial officer 1 Mar 2010 Other 5907347
Joel Freidman Chief financial officer 1 Mar 2010 Other 5907347
Joel Albert Freidman Chief financial officer 1 Mar 2010 Other 5907347
George Patrick Clancy Director 1 Jul 2010 Other 2981916
Wendelin Anita White Director 1 Dec 2011 Other 6035969
Lynn M. Panagos Chief operating officer 1 Jul 2012 Other 4718076
Christine Nicolaides Kearns Vice chair 1 Jun 2014 Other 6364110
Earl Alexander Powell Director 1 Apr 2018 Other 6945455
Patricia Saul Lotuff Director 1 Dec 2018 Other 7055660

Indirect Owners

The SEC currently registers 7 indirect owners.

Name Entity Date acquired Ownership Employer ID
Westminster Investing Corporation Owner 1 Feb 2009 75% - 100% 52-0785483
Inc. Chevy Chase Holdings Owner 1 Feb 2009 75% - 100% 52-0965622
Bernard Francis Ii Saul Owner 1 Feb 2009 75% - 100% 1512547
Inc. Chevy Chase Trust Holding Owner 1 Feb 2009 75% - 100% 52-1510202
Llc Chevy Chase Holdings Owner 1 Feb 2009 75% - 100% 52-0965622
Llc Chevy Chase Trust Holding Owner 1 Feb 2009 75% - 100% 52-1510202
Chevy Chase Property Company Owner 1 Feb 2009 75% - 100% 52-0965622

Based in Bethesda

The principal office where Chevy Chase Trust Company performs its advisory services is located at 7501 Wisconsin Avenue, Bethesda, MD 20814, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 240-497-5000 or by fax 240-497-5011. The normal business hours are 8:00am-6:00pm on Monday - Friday. You can find more information about the New York firm at chevychasetrust.com.