Global Custody Yearbook 2008: The Fact Book
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Buttonwood International's Global Custody Yearbook is an annual three-part survey of the global custody industry. The Fact Book edition - an in-depth assessment of the industry - is available now. Also available are the Global Custody Yearbook: Profiles Edition and the Global Custody Yearbook: The Industry Forum.
INTRODUCTION
This is the fourteenth year that Buttonwood International has published its survey of the world's largest global custodians. The resulting Fact Book highlights the important trends and issues of the day, delivering a comprehensive, quantitative assessment of the industry.
BNY Mellon Asset Servicing is this year's big story. The recent merger of BNY and Mellon Financial Corporation formed the world's largest global custodian with US$23 trillion of assets-in-custody, a phenomenal 66 percent year-over-year annual growth and a very commanding 26 percent market share.
In a review of alternative investments, global custodians provided fund accounting and administrative services to nearly 8,000 funds representing over US$1.4 trillion in assets, a modest 11 percent increase in assets over the prior year. The largest category is hedge funds, with asset valuations essentially flat since one year ago.
International securities lending, now offered in nearly 70 markets, had a very strong showing. Lending portfolios favored fixed income over equity, with government bonds dominating the fixed income category.
Forays into new emerging markets are growing at a modest rate. Network expansion plans are expected to hit a high-water mark of 100 countries for 2008 - the average number of countries covered by a single custodian.
CONCLUSIONS
This publication pulls together useful information on assets under custody, country rankings, market share trends, securities lending balances and basis points spreads, alternative investments, sub-custodian network expansions plans, foreign depositories and more - from a survey of leading global custodians
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