State Street last in R&M trustee survey
UK – State Street has retained last place for the third successive year in the R&M UK Depository/Trustee Survey 2005 for unit trust and OEIC managers, and unit holders.
A low number of responses, and comments regarding high staff turnover and a lack of online systems for trustee services, were to blame for its number six ranking, said the survey.
“The question is, will State Street respond with the same vigour and turn its fortunes around,” said R&M Surveys chief executive Richard Hogsflesh - referring to a turnaround from last to first by Citigroup.
A spokesperson for State Street commented: “While we were surprised by the results of the R&M UK Trustee survey, especially in light of our number two rank in the R&M Dublin Trustees survey, we will review the results of this survey closely to address any potential concerns."
Citigroup took top position after showing a “dramatic improvement” in services. HSBC came in second, while JP Morgan in third place widened the gap between itself and RBS in fifth position.
The Bank of New York in fourth place scored low in compliance monitoring visits and in the follow up to day-to-day compliance monitoring of breaches, stated the survey.
The survey – conducted in October and November 2005 – focused on relationship management, breadth of services, day-to-day compliance monitoring, value for money and production, amongst others.
Respondents also ranked the different areas of the survey questionnaire in terms of importance.
“Value for money did see a rise in its importance. This might suggest that pricing is becoming an issue,” stated the survey analysis.
Hogsflesh told IPE that the results of the survey were welcomed on the whole, and regarded as a source of important feedback.