GLOBAL - Swiss global custody services providers have come out on top in the latest global custody survey, which measures satisfaction levels among institutional investor clients, .
R&M Consultants released its 16th annual survey and ranks Swiss firms Credit Suisse, UBS and Pictet in first, third and fourth place respectively while the Belgian RBC Dexia came in second place.
Globally, pension funds voted RBC Dexia on top, followed by Credit Suisse and BNY Mellon.
In its so called ‘big boys chart', the survey shows BNY Mellon as the best performing custodian: "The most significant results in the survey is BNY Mellon, one of the giants of the industry with over $20trn in assets under custody coming in at the top of its peer group, well ahead of its nearest rival (in terms of size) State Street," said R&M in its report.
The other big boys named in the yearly survey are JP Morgan and Citigroup, and JP Morgan's results were stronger in the UK, especially among the pension fund industry, whereas, conversely, Northern Trust underperformed among UK pension funds.
"Citigroup struggled to get the minimum 30 responses needed which may have had a detrimental impact on its results. Its peers managed to achieve two to three times as many responses," said the survey.
It added State Street's results give a mixed message: although more people felt service levels had improved than declined, their overall score fell by 15 points.
State Street's best score is among UK pension funds, their worst is among UK fund managers.
Around 881 pension schemes and fund managers responded to the survey.
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