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R & M Surveys has conducted its 16th annual survey of global custody. Below is a preview of the results, together with an exclusive offer on the full survey report.
INTRODUCTION
We are pleased to present an extract from this leading survey, which measures customer satisfaction by means of questionnaires completed by a wide range of institutions around the world.
METHODOLOGY
Click here to view methodology
RESULTS
This year's results demonstrate strength and consistency in service delivery from the Swiss banks, who take three of the top four positions. Penetrating this group is RBC Dexia (dropping from first place last year to second this year). BNY Mellon have put in a critic-silencing performance, powering past their peers by quite some margin. While their score is not as good as Mellon's outstanding performance last year, it is considerably better than last year's score for The Bank of New York. As the mechanics of the BNY Mellon merger grind on and the two banks' people and operating systems gradually become one, it seems that the Mellon service culture is triumphing over the BNY "pile 'em high, sell 'em cheap" approach. There is a huge gulf in service levels between BNY Mellon and the organisation closest to it in size. This result demonstrates the ability of BNY Mellon to adopt the best practices of each of its legacy operations. It has set a new benchmark for the industry. The challenge now is not so much on BNY Mellon but on its peers to keep up.
Over the years, the industry has witnessed a wide range of business combinations. The least successful have been acquisitions of players wishing to exit the business, where the acquiring business is driven by scale and cost-savings, only to go on to lose many of the acquired clients! But there have been cases of mergers between well-suited, willing parties which prove to be a success. An example of the latter is the RBC Dexia combination, particularly in light of its first place ranking in this survey last year. It would seem that BNY Mellon is on track for similar success.
Overall Survey Rankings
OVERALL RANKING OF CLIENT SATISFACTION
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2008
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Score
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Regions qualified
(maximum of 4)
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1
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6.18
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♦
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2
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RBC Dexia Investor Services |
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6.16
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♦ ♦ ♦ ♦
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3
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6.13
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♦
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4
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5.96
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♦ ♦ ♦
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5
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5.77
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♦ ♦ ♦
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6
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5.71
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♦ ♦ ♦
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7
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Northern Trust |
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5.61
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♦ ♦ ♦ ♦
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8
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5.53
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♦
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9
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5.51
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♦ ♦ ♦ ♦
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10
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HSBC Securities Services |
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5.50
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♦ ♦ ♦
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11
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5.10
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♦ ♦
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12
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5.08
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♦
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THE FULL REPORT
The full survey write-up is a must-have for institutional investors, fund managers and other users of securities services, together with service providers and other industry participants. It drills down to performance in different geographies - with ratings by clients in each of North America, the United States, Canada, Europe, the United Kingdom, Switzerland and the Rest of the World. It also examines client satisfaction among various client types - asset owners (pension funds, foundations, charities, etc.), asset managers (with distinction between direct and third party relationships) and third party administrators.
As well as more than 20 results tables, the full survey report contains much analysis and comment, together with individual bank profiles. There is also a detailed examination of each of 42 separate service elements - showing each custodian's score against the industry average, thus highlighting strengths and weaknesses.
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United States
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