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11th Annual Custody Buyer's Guide
Global Finance, Apr 2001 by Thurston, Charles W
The provision of international custody services has become an increasingly complex global business, which is nonetheless becoming easier to access for clients around the world, thanks to the Internet.Virtually all the custody providers listed in the 2001 Global Finance 11th Annual Custody Buyers Guide cited enhanced Internet delivery of services as a key element of strategic business development.
While some providers have become even larger over the past year-consolidating their global reach at the same time they have augmented assets under custody-others are honing niche specialties to an even sharper focus.As both the large global providers and the niche players offer customers more choice and more service options, the far corners of the world are becoming more fully and securely linked to the global system. Clients in Burkina Faso or Qatar now can have the same access to services that are being offered in the United States.
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And as the lines between asset managers, banks, and brokers are increasingly blurred, more outsourcing of non-core services will funnel business to custody service providers, which will play an ever more important role in the global financial system.
ABN-AMRO MELLON
CUSTODY ASSETS:: $2.8 trillion; 1999: $2.7 trillion (includes Mellon Trust, ABN-AMRO Mellon, and CIBC Mellon)
RATINGS: ABN-AMRO: Moody's Aa2; S&P AA; Fitch IBCA A1+. Mellon: Moody's AA-; S&P Aa3; Fitch IBCA AA-; Bank Watch A/B; Dun & Bradstreet ER1
CLIENT PROFILE: By investor type: pension funds 28%; insurance companies 7%; investment managers 5%; mutual funds 5%; endowments/foundations 5%; other 11%; assets-under-management 19%; joint ventures 21%. Non-US 71%; US 29%
CAPABILITIES/SERVICES: reporting; securities processing; portfolio valuation and performance; securities lending and cash management functions; derivatives processing
ABN-AMRO Mellon's Simon Shapland and reporting; master trust and custody services with regulatory and legal support; multinational master trust support; participant accounting and recordkeeping; investment management services; securities lending
TOP EMERGING MARKETS: Added Bolivia, Costa Rica, Croatia, Morocco, Panama, Romania, Slovenia, Tunisia,Vietnam in past two years.
BUSINESS DEVELOPMENTS: Roll-out of enhanced Internet capabilities, reengineering business process for corporate actions, straight through processing initiatives and performance measurement product through Russell/Mellon Analytical Services
OUTLOOK: Focus on product development and value-added services categories such as risk management, transition management, and outsourcing, in addition to market expansion.
CONTACT: Simon Shapland, head of sales & marketing, Europe. Tel. 4420-7623-0872; Fax: 44-20-79294408. E-mail:
shapland.st@mellon.com. Web site: www.abnamromellon.com
BANCA COMMERCIALE ITALIANA
CUSTODY ASSETS: 2000: $395 billion; 1999:$295 billion
RATINGS: S&P AA+; Fitch IBCA A1
CLIENT PROFILE: By location: Europe 54%; North America 38%;Asia 6%; other 2%. By investor type: banks 20%; global custodians 14%; broker/dealers 7%; mutual funds 26%; pension funds 4%; centralized depositories 5%; other 6%; retail clients 18%. Foreign 68%; Domestic 32%.
TOP EMERGING MARKETS: Indonesia, Brazil, Korea
BUSINESS DEVELOPMENT: Product developments focus on providing clearing and in-sourcing services to remote traders and local branches of foreign financial institutions acting on the Italian financial markets; offering correspondent bank (paying agency) and in-sourcing services to foreign investment funds distributed in Italy; offering in-sourcing for Internet brokers accessing Italian financial markets.
OUTLOOK: Increased interest in accessing Italian financial markets on a remote trading basis, exploiting the Internet for trading, registering foreign investment funds for distribution in Italy. and in-sourcing services for local intermediaries and local asset management companies.
CONTACT: Elisabetta Pellichero/Mario Recchia. Tel: 3902-8850-2466, 39-02-8850-3595; Fax: 39-02-8850-4441. E-mail: epellichero@bci.it; mrecchia@bci.it. Web site: www.bci.it
BANCO SANTANDER CENTRAL HISPANO
CUSTODY ASSETS: $205 billion;1999: $197 billion
RATINGS: moody's Aa3; S&P A+; Ftich IBCA AA-; Bank Watch AA
CLIENT PROFILE: By location: Europe 60%; North AMerica 32%; Latin America 5%; Asia 3%. By investor type: banks 35%; pension/mutual funds 50%; other 15%. Foreign 45%; Domestic 55%
CAPABILITIES/SERVICES: all services related to custody, clearing and administration of securities
TOP EMERGING MARKETS: Argentina, Brazil, Colombia, Peru, Mexico, Venezuela, Chile
BUSINESS DEVELOPMENTS: First top-rated bank in Portugal; consolidation as a regional provider in Latin America
CONTACT: Europe:Antonio Alarcon, senior vice president.Tel: 34-91342-9754; Fax: 34-91-342-9749. Email: aalarcon.madrid@sinvest.es. Latin America: Jose Ramon Urrestarazu, senior vice president. Tel: 212-350-3902; Fax: 212-3503955. E-mail:
jurrestarazu.madrid@sinvest.es
BANK OF BERMUDA
CUSTODY ASSETS: 2000: $68.4 billion; 1999: $52.1 billion
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