The Canadian asset servicing provider held on to the top spot, achieving an overall score of 6.21 out of seven, with its services having “met or succeeded expectations”, while HSBC Securities Services secured second place with a score of 6.06.
Societe Generale Securities Services, which moved from fifth place up to third, was the only service provider to achieve a positive change, increasing its score to 5.86, up from 5.65.
Both J.P. Morgan (5.72) and Northern Trust (5.65) slipped a place, to fourth and fifth, respectively, as their scores dipped by 0.26 and 0.26, respectively.
The R&M Investor Services survey asked asset managers and other financial services clients to score their fund accounting and administration providers out of seven.
Regionally, HSBC Security Services topped the Ireland and the UK rankings, moving up from from second place in both tables, overtaking RBC and State Street, respectively.
RBC, praised by respondents on its “timely and accurate accounting” as well as its “broad knowledge of business”, topped both the Luxembourg and Continental Europe tables with a score of 6.64, a full point or more ahead of Societe Generale, which came in second place in both regions.
Important elements that servicers were marked negatively on included a lack of flexibility and accuracy, and delays in transaction processing.
A more detailed breakdown and analysis of the R&M Core Fund Accounting and Administration Survey 2017 will be published in Asset Servicing Times on 18 October.