RBC ousts SocGen in R&M custody survey
RBC Global Services has knocked Société Générale from the top in a widely-watched survey of global custodians organised by R&M Consultants.
RBC, second last year, forced last year’s leader into second place. Mellon Group came in third, from seventh – ousting Pictet, which has slipped to fifth.
One of the features of this year’s survey was similarity with the previous year. “There’s the same number of banks, the same average as last year, but everyone has changed places,” says Richard Hogsflesh, managing director at R&M Surveys.
“Not one single bank kept the same score year on year, although four of them gained only 0.01 – although this is considerably better than dropping 0.01.” He added that the average score failed to increase for the first time in four years. Hogsflesh said there were no “four star” banks in the listing this year – although there are a number of “three star” players.
‘Recognition from such a well-respected survey as the best global custodian, is a distinction we have worked hard to achieve,’ said Rob Wright, managing director of RBC Global Fund Services. “Being selected as the top overall provider in this very competitive survey speaks volumes about the quality of our people and their ongoing commitment to placing our clients first.”
The survey is based upon responses from investment managers, pension funds, charities and other financial institutions around the world. The 36-question survey received 1,170 responses.