INTRODUCTION
We are pleased to present the key results of this leading survey, which measures customer satisfaction among the institutional fund management, mutual fund management, insurance and pension fund world.
RESULTS
Pictet & Cie has ended RBC Dexia's six-year reign by winning the Global Investor/isf Global Custody survey 2010.
When stability and consistency is valued above all, bigger is not always best. Pictet & Cie has shown that it can punch above its weight by knocking a larger rival from the top spot. RBC Dexia Investor Services had enjoyed a six year run in the lead but was beaten into second place by a hair’s breadth. One respondent highlighted the need for stability: "We always receive a good level of service from Pictet. We never have any issues. They provide a consistently good service."
Below are tables depicting the Overall Survey Rankings and the Billionaire's Club (reflecting the views of respondents with USD 1 billion or more of Assets under Management). For each, there are three tables: the Unweighted results; the Weighted table (which adds greater weight to respondents with more assets under management); and the Footprint (beng the overall unweighted score multiplied by the number of qualified responses).
Year-on-year, the rankings of a few custodians have moved quite significantly. Brown Brothers Harriman stands out in the Overall Unweighted table. In the Unweighted tables (both Overall and the Billionaire's Club) BNY Mellon is the biggest climber.
METHODOLOGY
Global Investor's Global Custody Survey measures customer satisfaction by means of questionnaires completed by fund managers with respect to the services of global custodians.
For a response to qualify, the primary business of the respondent must be either asset management, insurance or the management of a pension fund. The respondent must also deal with two or more global custodians. Global Investor magazine has a defined group of readers, fund managers. Fund managers are in the unique position of having regular contact with a wide range of custodians and are best placed to compare their services. Each response is carefully screened to ensure that it meets the set criteria.
In order to qualify for the overall ranking, banks must receive a minimum of 25 qualified responses, of which a minimum of five must be from outside the bank’s domestic market. For the purposes of the survey, Europe is treated as a single market. This proviso ensures that all qualifiers have a truly global reach and a significant global presence outside their domestic power base.
Ranking methodology entails respondents rating their counterparties out of ten (ten being excellent and one very poor) across 22 separate service categories encompassing securities services and treasury services.
Respondents were also asked to give each service category an importance rating out of 10 (one being totally unimportant and ten being very important). This allows the fund manager to evaluate the custodian according to the services that they find important.
UNWEIGHTED SCORES
The rating and importance scores are multiplied together to produce a category score for each of the services. Each of the service category scores is then averaged, and the average scores are added together and divided by 25 (the number of categories). In order to avoid bias from those respondents who are more diligent, if a respondent neglected the importance component a default average (based on the first 100 qualified responses) is used.
WEIGHTED SCORES
The weighted result allows fund managers with more assets under management to have a greater influence on the rankings. The respondents are split into three categories (as to their assets under management) and the following weightings applied:
0.5 = the smallest 25 percent (representing the fewest assets under management)
1.0 = the middle 50 percent
1.5 = the largest 25 percent
FOOTPRINT SCORES
The footprint score is calculated for each custodian as its total unweighted score multiplied by its number of qualified responses.
Overall Survey Rankings: Unweighted
OVERALL RANKING OF CLIENT SATISFACTION
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2010
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Score
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1
|
|
|
|
|
|
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34.31
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2
|
|
|
|
|
|
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RBC Dexia Investor Services |
|
|
|
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34.14
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3
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|
|
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|
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32.31
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4
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|
|
|
|
|
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31.92
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5
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|
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|
|
|
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|
Citi |
 |
 |
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31.82
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6
|
|
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|
|
|
|
|
State Street |
 |
 |
|
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30.61
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7
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|
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30.23
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8
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|
|
|
|
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J.P. Morgan |
 |
|
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29.71
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Overall Survey Rankings: Weighted
OVERALL RANKING OF CLIENT SATISFACTION
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2010
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|
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Score
|
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1
|
|
|
|
|
|
|
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34.11
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2
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|
|
|
|
|
|
|
State Street |
 |
 |
|
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33.93
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3
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|
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33.35
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4
|
|
|
|
|
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32.94
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5
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|
|
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32.85
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6
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|
|
|
|
|
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J.P. Morgan |
 |
|
|
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32.64
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7
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|
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|
|
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|
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Citi |
 |
 |
|
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32.00
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8
|
|
|
|
|
|
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RBC Dexia Investor Services |
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|
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30.41
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|
|
Overall Survey Rankings: Footprint
OVERALL RANKING OF CLIENT SATISFACTION
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2010
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|
|
|
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Score
|
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1
|
|
|
|
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|
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2840.88
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2
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Citi |
 |
 |
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2800.06
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3
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State Street |
 |
 |
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2540.37
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4
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|
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J.P. Morgan |
 |
|
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2257.89
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5
|
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1572.16
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6
|
|
|
|
|
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1163.29
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7
|
|
|
|
|
|
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RBC Dexia Investor Services |
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|
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1092.50
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8
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|
|
|
|
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857.79
|
|
|
Billionaire's Club: Unweighted
RANKING BY RESPONDENTS WITH USD 1 BILLION AUM
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2010
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|
|
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Score
|
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1
|
|
|
|
|
|
|
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34.07
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2
|
|
|
|
|
|
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RBC Dexia Investor Services |
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|
|
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33.23
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3
|
|
|
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31.78
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4
|
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|
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Citi |
 |
 |
|
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31.77
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5
|
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|
|
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|
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31.62
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6
|
|
|
|
|
|
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State Street |
 |
 |
|
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31.04
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7
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|
|
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30.17
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8
|
|
|
|
|
|
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J.P. Morgan |
 |
|
|
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29.67
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9
|
|
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|
|
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BNP Paribas |
 |
 |
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29.49
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10
|
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|
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28.63
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Billionaire's Club: Weighted
RANKING BY RESPONDENTS WITH USD 1 BILLION AUM
|
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2010
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|
|
|
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Score
|
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1
|
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|
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|
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38.80
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2
|
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|
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38.39
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3
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State Street |
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 |
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37.00
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4
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36.72
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5
|
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Citi |
 |
 |
|
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35.52
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6
|
|
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|
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J.P. Morgan |
 |
|
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35.28
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7
|
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|
|
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RBC Dexia Investor Services |
|
|
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34.67
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8
|
|
|
|
|
|
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33.86
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9
|
|
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|
|
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32.61
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10
|
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|
|
|
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BNP Paribas |
 |
 |
|
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32.44
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Billionaire's Club: Footprint
RANKING BY RESPONDENTS WITH USD 1 BILLION AUM
|
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2010
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|
|
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Score
|
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1
|
|
|
|
|
|
|
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2351.90
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2
|
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Citi |
 |
 |
|
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2287.37
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3
|
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State Street |
 |
 |
|
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2266.28
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4
|
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J.P. Morgan |
 |
|
|
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1957.94
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5
|
|
|
|
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1478.20
|
|
6
|
|
|
|
|
|
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|
885.30
|
|
7
|
|
|
|
|
|
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RBC Dexia Investor Services |
|
|
|
|
764.29
|
|
8
|
|
|
|
|
|
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BNP Paribas |
 |
 |
|
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737.22
|
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9
|
|
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|
|
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613.21
|
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10
|
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|
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515.41
|
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