Larger custodian banks gaining ground in client satisfaction
GLOBAL - The larger custodian banks have bucked the trend and made great strides in the area of client satisfaction, according to the latest R&M Global Custody survey.
The findings of the survey - which collected more than 800 responses from asset owners, asset managers and banks - challenge the notion that smaller custodians are generally better able to meet clients' needs.
Richard Hogsflesh, managing director at R&M Survey, said: "This year's survey clearly shows the growing gulf between those organisations focused on client service and those who are not.
"Up until recently, high levels of client satisfaction were the domain of the smaller custodians, but not anymore."
He pointed out that BNY Mellon and JP Morgan had shown their commitment to client satisfaction by putting "a clear gap between themselves and the other major players like State Street and Citibank".
JP Morgan gained 0.34 points between 2011 and 2012, earning an overall score of 5.9, while BNY Mellon was up by 0.07 points to 5.92.
Among pension funds, Credit Suisse fared best, earning a score of 6.64, a slight improvement on 6.63 last year.
UBS came in second (6.51), followed by Pictet (6.48), RBC Dexia (6.48), BNY Mellon (6.27), JP Morgan (6.19) and Northern Trust (5.8).
In terms of geographical spread, respondents based in the UK gave first place to RBC Dexia, which was also top dog in 2011, with 6.42.
In spite of being top of the ranking, RBC Dexia's score fell by 0.16 points between 2011 and 2012.
Respondents in Europe also ranked RBC Dexia at the top of with an overall result of 6.64.
Moving to US respondents, Pictet and Brown Brothers Harriman - which were first and second in 2011 - only reach the second and third place of the 2012 ranking with scores of 6.20 and 6.19, respectively.
BNY Mellon came in first with a total of 6.27.