Global custody: it's a topsy-turvy world

Article Abstract:

The global custody market is undergoing changes including withdrawals from the market of some players, and a major banking merger. The merger between Chemical Bank and Chase has left Chase dominant in the field of global custody, but Chemical appears to be predominant in Europe. Consolidation is taking place, and some domestic players may seek to expand world wide to a greater extent. Deutsche Bank is one company that may be planning an expansion.

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Outsourcing opens new doors for custodians

Article Abstract:

Outsourcing is becoming increasingly common and specialist providers are being used by many fund management groups for settlement, clearing, tax reclamation and the like. The launch of Crest in the UK may stimulate a new wave of outsourcing due to the associated increase in costs of setting up new systems. Some investment houses have decided against outsourcing and aim to tackle these tasks in-house. This can result in greater flexibility.

Investment banks

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Never-ending story of costs

Article Abstract:

The global custody industry involves heavy costs such as investment in technology. Changes in settlement rules and the general regulatory environment also add to costs. Large custodians vary in their approaches to managing costs. Chemical Bank has focused on low cost processing, while Chase has invested more in the client interface aspects of custody. Electronic share trading in Europe may involve additional investment by the industry.

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