BNY Mellon and State Street have topped The Experts portion of the R&M 2015 Investor Services Survey, with fund managers backing the custodians.
Fund manager respondents who deal with five or more custodians scored BNY Mellon the highest, followed by State Street. Both banks improved on their 2014 results.
One respondent praised BNY Mellon’s “high calibre staff”, while another said the bank has “the best FX rate transparency in the industry”.
State Street was similarly praised, with one respondent describing the bank as “proactive”.
Pictet led overall results based on providers that qualified in at least three geographic regions, narrowly pushing RBC into second place. Third-place J.P. Morgan enjoyed the biggest gains, improving its score more than any other provider.
A client commented: “J.P. Morgan has been our main global custodian since 2007 and has understood the needs of our growing business and evolving requirements. Their custodial ability is premium and I believe market leading.”
All of the results from the R&M 2015 Investor Services Survey will appear in the next issue of Asset Servicing Times.
