Trust income and asset growth at banks slowed last year, as rough markets and rising competition from nonbanks took a bite out of the traditionally lucrative business.

Trust assets managed by the top 100 trust banks grew 4.97%, to $2.322 trillion at yearend 1994, according to an American Banker survey. That increase was markedly slower than in 1993, when managed assets blossomed at a 13.39% pace.

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