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RBC2

2006 Global Custody Survey Results

Overall Results

 Overall Ranking20062005ChangeRegions
qualified
(4 regions)
1 RBC Dexia Investor Services (1) 6.18 6.11 0.07 ***
2 Pictet (5) 6.00 5.77 0.23 **
3 Société Générale (2) 5.98 6.08 -0.10 *
4 UBS AG (4) 5.95 5.83 0.12 *
5 Mellon Group (3) 5.91 5.85 0.06 ***
6 Northern Trust (8) 5.67 5.66 0.01 ****
7 Brown Brothers Harriman (6) 5.66 5.72 -0.06 **
8 BNP Paribas SS (7) 5.59 5.70 -0.11 *
9 HSBC SS (9) 5.58 5.57 0.01 **
10 Credit Suisse Asset Management (11) 5.39 5.29 0.10 *
11 JP Morgan (12) 5.34 5.23 0.11 ***
12 Bank of New York (10) 5.30 5.41 -0.11 ***
13= Citigroup (13) 5.18 5.22 -0.04 ***
13= State Street (14) 5.18 5.07 0.11 ****

Clients over US$10bn

(with 5> responses from external clients only)

  20062005Change
1 Mellon Group (2) 5.85 5.78 0.07
2 Brown Brothers Harriman (1) 5.74 5.80 -0.06
3 Norther Trust (3) 5.65 5.71 -0.06
4 Bank of New York (4) 5.31 5.33 -0.02
5 J P Morgan (5=) 5.30 5.31 -0.01
6 HSBC SS (7) 5.27 5.23 0.04
7 State Street (8) 5.00 5.10 -0.10
8 Citigroup (5=) 4.86 5.31 -0.45

UK

  20062005Change
1 RBC Dexia Investor Services (1) 6.33 6.16 0.17
2 Pictet (4) 5.96 5.54 0.42
3 Brown Brothers Harriman (5) 5.68 5.42 0.26
4 Northern Trust (3) 5.60 5.55 0.05
5 HSBC SS (2) 5.44 5.60 -0.16
6 Mellon Group (2) 5.37 5.20 0.17
7 J P Morgan (7) 5.32 5.27 0.05
8 Citigroup (9) 5.28 5.11 0.17
9 Bank of New York (6) 5.12 5.34 -0.22
10 State Street (10) 5.03 5.01 0.02

Continental Europe

  20062005Change
1 Mellon Group (1) 6.34 6.34 0.00
2 RBC Dexia Investor Services (2) 6.18 6.25 -0.07
3 HSBC SS (–) 6.05
4 Société Générale (3) 5.99 6.08 -0.09
5 Pictet (4) 5.96 5.85 0.11
6 UBS AG (5) 5.95 5.83 0.12
7 BNP Paribas SS (6) 5.65 5.77 -0.12
8 Bank of New York (9) 5.60 5.67 -0.07
9 Northern Trust (–) 5.43
10 Credit Suisse Asset Management (9) 5.37 5.26 0.11
11 Citigroup (8) 5.34 5.52 -0.18
12 State Street (–) 5.32
13 J P Morgan (10) 4.92 5.14 -0.22

North America

  20062005Change
1 Mellon Group (1) 6.00 5.97 0.03
2 RBC Dexia Investor Services (2) 5.97 5.95 0.02
3 Northern Trust (4) 5.89 5.86 0.03
4 Brown Brothers Harriman (3) 5.76 5.92 -0.16
5 J P Morgan (7) 5.62 5.26 0.36
6 Bank of New York (6) 5.37 5.34 0.03
7 State Street (5) 5.27 5.35 -0.08
8 Citigroup (8) 4.95 5.03 -0.08

Rest of the World

  20062005Change
1 Northern Trust 5.63 5.88 -0.25
2 State Street 5.03

The rest of World table is small, as only two banks qualified for inclusion - which is a little disappointing. For next year, R & M will try to promote the survey in Asia and encourage more responses.

Swiss Respondents

  20062005Change
1 Pictet (1) 5.99 5.88 0.11
2 UBS AG (2) 5.95 5.83 0.12
3 Credit Suisse Asset Management (3) 5.36 5.26 0.10

All participants in the Swiss market have seen an improvement in their scores, and the overall positions have not changed from last year.

Canadian Respondents

  2006
1 RBC Dexia Investor Services 6.02
2 Mellon Group 5.77

For the first time, we are able to produce a table covering the Canadian market, showing the relative positions of the two dominant market players.

Asset Owners

  20062005Change
1 RBC Dexia Global Services (1) 6.57 6.59 -0.02
2= BNP Paribas (6) 6.24 5.75 0.49
2= Société Générale (–) 6.24
4 Mellon Group (3) 6.05 6.06 -0.01
5 Pictet (2) 5.97 6.16 -0.19
6 UBS AG (4) 5.88 5.88 0.00
7 Northern Trust (7) 5.76 5.74 0.02
8 HSBC SS (5) 5.75 5.85 -0.10
9 J P Morgan (11) 5.56 5.33 0.23
10 Credit Suisse Asset Management (12) 5.38 5.21 0.17
11 State Street (10) 5.35 5.35 0.00
12 Bank of New York (8=) 4.97 5.61 -0.64

Asset Managers

  20062005Change
1 UBS AG (4) 6.13 5.75 0.38
2 RBC Dexia Global Services (2) 6.09 6.05 0.04
3 Pictet (7) 6.07 5.66 0.41
4 Société Générale (1) 5.90 6.12 -0.22
5 Mellon Group (3) 5.88 5.77 0.11
6 Brown Brothers Harriman (5) 5.68 5.73 -0.05
7 Northern Trust (8) 5.61 5.63 -0.02
8 HSBC SS (9) 5.50 5.40 0.10
9 Credit Suisse Asset Management (10) 5.42 5.39 0.03
10 BNP Paribas SS (6) 5.40 5.67 -0.27
11 Bank of New York (11) 5.40 5.32 0.08
12 J P Morgan (12) 5.25 5.17 0.08
13 Citigroup (13) 5.21 5.07 0.14
14 State Street (14) 5.11 5.00 0.11

Third Party Administrators / Outsourced Providers

1 Northern Trust 5.84 8
2 HSBC SS 5.39 4
3 BNP Paribas SS 5.30 9
4 Mellon Group 5.17 4
5 State Street 5.08 11
6 J P Morgan 5.03 6
7 Citigroup 4.95 10
8 Bank of New York 4.78 6

 

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