EUROPE - RBC Dexia Services has topped the latest poll of custody providers organised by R&M Consultants.
The new venture, formed at the beginning of this year, retained the top spot held by RBC Global Services, R&M’s 14th annual survey found.
"RBC Dexia Investor Services is very pleased to have been ranked No. 1 overall in the R&M Survey for the second year in a row," said chief operating officer Rob Wright.
"Our top ranking in this very competitive survey reflects our employees' continuing commitment to providing excellent service to our clients.”
The venture was also named top global custody provider in the UK, Canada, and to asset owners. It gained second positions in North America, Continental Europe and as provider to asset managers.
"RBC Dexia Investor Services has proved too good for its competitors for the second year in a row," said R&M managing director Richard Hogsflesh. "RBC Dexia Investor Services' impressive results in the 2006 R&M Survey demonstrate their commitment to the areas of client service and relationship management."
Pictet rose three places to take second place at the expense of Société Générale, R&M added in a release. The average score of the banks remains at 5.56 (out of 7), for the third year running.
Reversing a two-year trend, Pictet became the most improved bank with an average score of 6.00 - up 0.23 over last year. The second most improved score was UBS, who retained its place and edged past Mellon.
"No bank has the same score as last year which highlights the changing level of service that the banks provide their clients,” said Hogsflesh.
“It's very clear that despite global custody being a largely commoditised service, clients still expect a personal service with ever improving levels of reporting and technology. Given the tight margins this will always be a challenge to the suppliers."