UK Funds Trustee / Depositary Survey 2006/7
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R & M Surveys has conducted its fourth annual survey of United Kingdom trustees / depositaries. Below are the key results from the analysis conducted towards the end of 2006.
INTRODUCTION
We are pleased to present the key results of this leading survey, which measures customer satisfaction by means of questionnaires completed by managers of United Kingdom Unit Trusts and OEICs (Open-Ended Investment Companies) and by unit holders, with respect to the trustee services provided to them by independent trustees.
METHODOLOGY
Click here to view methodology
RESULTS
HSBC has returned to the top of the UK trustee and depositary services table, replacing Citigroup.
"We are in the fortunate position of dealing with a number of Trustees / Depositaries and as such can identify the strength and weakness of each. In many ways HSBC leads the way in service and delivery of assistance. Their all round offering is probably the best in the market at the moment," was the verdict of one client.
Overall Survey Rankings
OVERALL RANKING OF CLIENT SATISFACTION
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2006
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Trustee
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Score
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1
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HSBC Securities Services |
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6.41
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2
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6.25
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3
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6.08
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4
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The Royal Bank of Scotland |
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6.06
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5
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5.82
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6
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5.66
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CONCLUSIONS
The survey shows a big increase in scores for most of the banks participating in this annual survey, with the overall average score improving by a huge 0.36 from 5.67 to 6.03.
Richard Hogsflesh, managing director of R&M Consultants, commenting on the results said: "It is difficult to fully explain why there has been such a big increase in levels of client satisfaction (37 percent of respondents indicated that they had seen an improvement in service). There are probably a couple of contributory factors. Firstly, the introduction of this survey four years ago has brought service quality into greater focus. It has enabled banks and clients to make comparisons between the service providers – something previously difficult to do as few clients had experience of more than one provider. This in turn has grabbed the attention of the banks and allowed them to identify areas for improvement. They all take this survey seriously and are keen to do well.
"Secondly the market is perhaps more settled now than it has been for a while. OEIC conversions, where chosen, have largely been completed; stock market values have been rising (always guaranteed to make fund managers more affable) and the introduction of MIFID has not yet had its full impact on the industry. A period of stability has allowed the banks to concentrate on delivering a quality service and developing their capabilities to meet the future requirements of their clients."
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