BNY Mellon regained its position as the top rated trustee in the Dublin market and came in second place for its global custody services, as ranked by 36 different fund promoters operating out of Dublin, according to the 2010 Dublin Trustee & Custody Survey conducted by R&M Consultants.
HSBC also put on another strong performance, coming close behind in the trustee section and taking first place in the custody market.
However, warning shots were fired over Dublins position in the offshore fund business by one respondent, who said, From my own observations, it’s worth noting from a Dublin perspective that there is increased competition coming from areas such as Luxembourg, which are coming up with more efficient ways to domicile funds from a tax and cost perspective. Dublin as a financial services hub needs to keep competitive in this respect.
The survey was completed in December 2010. Banks were assessed on 23 different aspects of their service and scored out of a maximum of ten for each. All banks actively offering a trustee and global custody service in the Dublin market were given the opportunity to participate.