BNY Mellon Asset Servicing has outperformed its peer group of the world’s largest global custodians in its inaugural appearance in the annual R&M Survey of custody clients and fund managers.
In addition to topping the ‘Big Boys’ chart, BNY Mellon was ranked No.1 in the Third Party Administrators/Outsourced Providers and USA Asset Owners categories.
Established in July 2007 following the merger of The Bank of New York Company Inc. and Mellon Financial Corporation, BNY Mellon Asset Servicing was one of only three providers to record an improved score in R&M’s 2008 survey of clients and fund managers.
Richard Hogsflesh, Managing Director, R&M Surveys, said: BNY Mellon has put in a critic-silencing performance, powering past its peers by quite some margin – there is a huge gulf in service levels between BNY Mellon and the organisation closest to it in size. This result silences critics of its merger and demonstrates the ability of BNY Mellon to adopt the best practices of each of its legacy operations. This result has set a new benchmark for the industry. The challenge now is not on BNY Mellon but on its peers to keep up.
The R&M Survey results follow BNY Mellon’s strong showing in Global Custodian magazine’s 2007 Global Custody Survey – published in January – in which The Bank of New York Mellon’s worldwide custody providers received the highest number of ‘Top-Rated’ recognitions and ‘Best in Class’ awards out of all surveyed firms.
“Id like to thank our clients for their continued support and for this latest vote of confidence in our merged organisation. Following on from our sterling Global Custodian results, our success in this prestigious survey underlines the strengths of our offering and shows that our focus on quality and service excellence over the past year has paid off handsomely. These R&M results are further testament to the dedication and creativity of everyone working across our Asset Servicing business.
“This time last year we had just announced our intention to merge, and were separate companies with high hopes and big plans and twelve months on our strategy has been well received by our clients, as these surveys illustrate. However, we have no intention of resting on our laurels in 2008. There is immense enthusiasm within this new organisation and we look forward to pursuing our goals with the same energy and commitment we demonstrated over the last 12 months,” says Jim Palermo, co-CEO, BNY Mellon Asset Servicing.
The R&M Survey is based on feedback from investment managers, pension funds and other institutional global custody clients. The 2008 survey collected more than 881 responses worldwide and asked participants to rate global custody providers across a range of service categories. Scores in each of these categories were then combined to produce an overall ranking.