Get big or get out

Article Abstract:

Global custody involves holding assets for clients from abroad and domestic clients in a range of international markets. The market has grown rapidly and major players include Chase and Citibank. Banks need to invest in their systems to be involved in this market, so size is important. Fee competition is easing, but factors that mean systems have to be changed include European monetary union and the year 2000 computer transition problem. Consolidation could occur if the market slows down as a result of problems in Asian financial markets.

Economic aspects

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Midland meets its prince

Article Abstract:

Terry McCaughey is seen as a reason for the strong performance of the global custody arm of Midland Bank. He worked at Bank of New Zealand, Chemical Bank and JP Morgan prior to his appointment at HSBC. Midland has focused on key areas and promoted from within the organization. Midland has jointly been awarded a contract to manage reporting and custody for portfolios valued at 47 billion pounds sterling, from Prudential Portfolio Managers, a contract which has considerably strengthened the custody business of Midland.

Commercial Banking, Commercial banks, Officials and employees, Midland Bank PLC (London, England)

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