Despite a harsh road test of turbulent markets and near collapse of the world’s banking system, the global custody product is as robust as ever with overall satisfaction in the 2009 R&M Consultants Global Custody survey increasing to the highest level yet achieved.
The overall table shows three Swiss banks in the top four places although two of them only qualified in one geographic region and it’s perhaps not fair to compare them to the bigger players who operate on a more global basis. Another way of analysing the results is to look at the responses given by those experts of the industry – companies using five or more custodians.
Richard Hogsflesh, managing director R&M Consultants which conducted the survey, said: “Those of us associated with the industry have recognised for a long time that this product, the backbone of investor services, has always represented steady revenues for the banks and a solid platform from which other services can be offered. Even in these extreme times, they have not suffered mechanical failure but have continued to service clients to the best of their ability. It’s not often you can say that about banks these days.”
Other results can be broken out by region:-
In addition to the geographic breakout results are analysed by client type as well as region. Here are two examples;
There are other tables covering results for asset managers (overall and US only); asset owners (overall and US); country breakouts for Switzerland, USA and Canada; tables showing most improved, year on year changes in service levels; and client comments on each bank.
A scoring system of 1 (low) to 7 (high) was used for all questions.