The survey of 300 global asset managers found 85% have outsourced or are interested in outsourcing their trading desk.
Chicago-headquartered custodian has created a service to cover all points of the investment lifecycle with landmark BlackRock partnership becoming a key component of the plan.
SS&C Technologies has launched a range of new services and capabilities across its accounting and outsourcing platforms.
State Street has partnered with Brevan Howard's outsourced operations service to deliver a new integrated front-to-back office services platform for hedge funds.
Modular Asset Management was spun out of US hedge fund giant Millennium Capital Management earlier this year.
Calls, emails and video conferences replace in-person meetings as custodians look to adapt and continue onboarding clients.
Custodians may be forced to delay implementing billions of assets onto their custody platform as clients look to minimise the risk of switching providers on their operations.
According to the two global custodians, both had reported a rise of at least 50% in back-office transactions in March verses the first two months of the year.