2018 Transfer Agent Market Share

For the past several years, we have observed the market share of transfer agents engaged by active SEC registrants. Computershare/BNY Mellon, American Stock Transfer & Trust (AST)1, Wells Fargo, and Continental Stock Transfer & Trust have remained in the top since we began examining the market back in 2012. As noted last year, Broadridge has been in the top five since 2015, when Registrar & Transfer Co. was acquired by Computershare.

Compared to last year, there have only been minor changes in market share among these top contenders. However, their combined market share has continued to increase from 76% last year to over 77% this year.

Perhaps we may see some changes next year since Wells Fargo Bank has sold its shareowner services to Equiniti Trust Co. (part of Equiniti Group plc).2

It is always interesting to see how new IPOs affect transfer agent growth.

AST has moved to the top transfer agent of IPO market share, putting Computershare/BNY Mellon into second. Two transfer agents that were in the top last year, Wells Fargo and Citibank, are not top competitors in the IPO market this year. Instead, Vstock Transfer LLC, who was last in the top in 2016, has reappeared. Another notable change is from Deutsche Bank Trust Co Americas/TA, which has made an appearance in the top five for the very first time.

Compared to last year, IPOs seem to be on the rise for 2018. This year thus far, there have been 150 IPOs. At this time last year, there were only 116 IPOs, and only 148 by October 2017, when we completed our last analysis.3

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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1. AST Trust Co (Canada) became part of the AST brand in 2017.  Therefore, its transfer agent figures have been combined with American Stock Transfer & Trust
2. At the time of this analysis, Wells Fargo Bank NA/TA is still an active SEC transfer agent, which is why it has been kept separate from Equiniti Trust Co. figures
3. For an in-depth analysis of IPO trends, see our July 2018 Report: IPO Trends and Statistics – Evidence the IPO Market is Thawing. Subscribers can login and download the report from our website. All others can purchase the report here.