CIBC Mellon Global Securities Services says its internal survey of fund anager clients in Canada, which aims to benchmark the quality of its products and services against competitors in its domestic market, has again found that the bank is “provider of choice” for most of its existing clients.
The survey tested the performance of CIBC Mellon in cash management and trade processing; global asset servicing and reporting; corporate actions, income and proxy voting; accounting, reporting and reconciliation; online information delivery; investment manager relations; and overall CIBC Mellon personnel and service quality.
CIBC Mellon says it scored highly in all areas, and highest of all in investment manager relations. The bank says particular highlights included the fact that the majority of respondents rated CIBC Mellon as their Canadian custodial services provider of choice; 94 per cent of the respondents would recommend CIBC Mellon to their clients; 80 per cent of the respondents rated trade settlements as very good to excellent; and “satisfaction levels” increased in foreign exchange.
Workbench, CIBC Mellon’s browser-based reporting product, was singled out as a strength, says the bank. One respondent quoted by CIBC Mellon described it as “the best of breed. It is a very robust system and offers a lot of functionality that other banks do not, as well as being very easy to use.”
CIBC Mellon says respondents also complimented the bank on the strength of its client service. “Great people,” wrote one client quoted by the bank. “Good client service requires industry knowledge, information systems which support the lines of business and personnel with effective communication skills. CIBC Mellon possesses all of the above.”
“We are very pleased with the survey feedback,” says Thomas C. MacMillan, president and chief executive officer. “Investment managers have confirmed we are their Canadian custodial service provider of choice, and they have provided valuable insights we can use to further enhance our products and services.”
More than 200 investment managers were asked to rate CIBC Mellon’s performance. Of the survey responses, 75 per cent were from Canada, 19 per cent were from the U.S., 3 per cent did not indicate their origin; and the balance (3 per cent) was from the rest of the world.