Overall securities services revenues dropped only marginally in 2020 compared with 2019, with fund services sector even producing record returns.
BNP Paribas saw a market rebound effect on assets under custody, particularly in the Americas and Asia-Pacific region.
Revenues from global custody and fund administration fees grew by just 0.6% to $1.3 billion for the last three months of the year.
Report from ISSA and Oliver Wyman estimates that broader capital markets developments and trends will likely have a detrimental impact on securities services revenues.
Revenues among the top 12 securities services providers reached a total of $18 billion during the first half of the year, a growth of just 1%.
The bank stated the year-on-year increase for the asset servicing business reflected higher foreign exchange and other trading revenues.
JP Morgan reporting revenues from securities services were boosted by revenues were balance and fee growth, while assets under custody reached a new high.
The massive fall in revenues was largely caused by lower market valuations and short-selling bans enacted worldwide by regulators.
Mixed fortunes for European custodians with a combination of double-digit revenue growth and some large declines during the first quarter.
A new report from GC and BCG has found the business models that have underpinned providers for years are now more fragile than they seem.