“This year’s survey clearly shows the growing gulf between those organisations focused on client service and those who are not,” said Richard Hogsflesh, Managing Director R & M Surveys. “Up until recently, high levels of client satisfaction were the domain of the smaller custodians but not anymore. BNY Mellon and JP Morgan have demonstrated their commitment to client satisfaction by putting a clear gap between themselves and the other major players like State Street and Citibank. Brown Brothers and BNP Paribas also seem clearly focused, there being only six points between all four of them.”
“RBC Dexia and Pictet continue to set the pace for all the others whilst Northern Trust appears to be still digesting the businesses it has taken on board recently as its score has not changed from 2011.”
The Experts table is based on responses from investment managers dealing with and responding on five or more custodians. Typically many of those relationships will be where they are acting on behalf of a mutual third party client – i.e. they are not footing the bill.
Client Type breakout
The definition of asset managers refers to those managing funds on behalf of others, either retail or institutional, including mutual funds and pension funds, and not related through ownership to the custodians.
Total number of responses 839, 31% from asset owners, 62% from asset managers and 7% from Banks. Geographically from all four corners of the globe. A scoring system of 1 (low) to 7 (high) was used for all questions. The questionnaire covered 49 different aspects of global custody ranging from core skills such as settlements and income collection through to customised services such as securities lending and processing of alternatives.