The results of the annual Global Custodian magazine survey of the clients of the major global custodian banks are published today. The survey, which celebrates its 19th year, ranks 11 providers based on analysis of 756 responses from clients of the providers.
The survey retains the approach used since 2004, whereby separate questionnaires are issued to fund managers and institutional investors.
The questionnaire for fund managers asks 36 questions, divided into 11 categories (relationship management, client service, Cash Management (for securities processing only), Foreign Exchange (in securities transactions only), Proxy Voting, Corporate Actions, Reporting, Income Collection, Tax Reclaims, Technology, and Settlement), while the questionnaire for institutional investors asks 40 questions, divided into 14 categories (relationship management, client service, Cash Management (for custody only), Foreign Exchange (in securities transactions only), Proxy Voting, Corporate Actions, Reporting, Income Collection, Tax Reclaims, Technology, Transaction Cost Management, Transition Management, Performance Management, and Compliance).
In the survey a Top Rating is based on securing an average weighted score superior to the average weighted score for all providers in the survey in that category, while a Commended rating is based on a mixture of scores, comments and other factors.
A provider can secure a rating in three assets-in-custody categories (less than $1 billion, $1-$10 billion and more than $10 billion) and three regions (Asia, Europe and North America) as well as fund managers, institutional investors and overall (or Global). To qualify for an overall or Global rating it was necessary to have secured the minimum number of responses in all eight categories.
Providers are also eligible for Best in Class awards for good scores in each of the service areas within the eight ratings categories. Best in Class awards go to any provider that achieves an overall weighted average score that equals or betters the global weighted average score in any combination of rating category and service area.
To see the full survey results, subscribers to GlobalCustodian.com should go to http://surveydataonline.com/survey/136/index.jsp, but the summary results are:
| Bankname | Number of Best in Class Awards | Number of Commended Ratings | Number of Top Ratings |
| The Bank of New York Mellon | 70 | 6 | 2 |
| BNP Paribas Securities Services | 63 | 2 | 4 |
| Brown Brothers Harriman | 117 | 2 | 7 |
| Citi | 63 | 8 | 1 |
| HSBC | 67 | 3 | 4 |
| J.P. Morgan | 42 | 9 | 0 |
| Northern Trust | 74 | 6 | 3 |
| PNC Global Investment Servicing | 13 | 4 | 0 |
| RBC Dexia Investor Services | 63 | 4 | 2 |
| Société Générale Securities Services | 61 | 3 | 3 |
| State Street | 117 | 3 | 6 |