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2008 Global Custody Survey Results

Swiss global custodians have secured three of the top four places in the 16th R & M global custody survey with only RBC Dexia, in second place challenging their monopoly. But the most significant result in the survey is BNY Mellon, one of the giants of the industry with over $20trn in assets under custody, coming in at the top of its peer group, well ahead of nearest rival (in terms of size) State Street.  This result silences the critics of this merger and demonstrates the ability of BNY Mellon to adopt the best practices of each of its legacy operations. Mellon’s focus on client service is clearly shining through and this result has set a new benchmark for the industry. The challenge now is not on BNY Mellon but on its peers to keep up.

 

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Overall scores declined from 5.69 to 5.64 probably reflecting a more turbulent year in the markets and a rise in trading volumes affecting service levels, at least as far as managers are concerned. Results therefore need to be seen against this overall decline – any result better than -5 shows an above market performance. RBC Dexia came top in most of the tables outside the US, putting in its lowest performance in the North American results but retaining its first place in Canada. JP Morgan’s results were stronger in the UK, especially amongst the pension fund industry. Conversely Northern Trust underperformed amongst UK pension funds. Citigroup struggled to get the minimum 30 responses needed which may have had a detrimental impact on its results. Its peers managed to achieve 2 to 3 times as many responses. State Street’s results give a bit of a mixed message. Although more people felt that service levels had improved than declined, their overall score fell by 15 points. Their best score is amongst UK pension funds, their worst is amongst UK fund
managers.


 
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