Royal Trust Corporation of Canada is Europe's leading custodian, according to the latest survey undertaken by R&M Consultants, the market research specialists. R&M polled nearly 500 pension funds, fund managers, insurance companies and banks, asking them to rank custodians on a number of operational and service factors. Royal Trust, which has never featured in the survey before, gained the top spot as best overall provider and best custodian for investment managers. Pictet, the Swiss bank which had been at the top of the list in the previous four surveys, came second overall and won the pension fund category. The other big winner was The Bank of New York, which topped the insurance companies scoreboard and improved its overall position from tenth to fifth.