BNY Mellon Tops the List in 2010 R&M Global Custody Survey

(March 23, 2010) – A new R&M survey of top scheme custodians ranks BNY Mellon at the top of the list for US and UK pension funds.

The 17th annual R&M global custody survey shows service levels have improved for three consecutive years, Hogsflesh said. The survey consisted of 888 responses from fund managers, pension funds, charities and foundations, using a scoring system of 1 (low) to 7 (high) to rank custodians. A majority of respondents were based in Europe and North America.

While BNY Mellon dominated the US and the UK pension fund market, Credit Suisse achieved the highest ranking among European pension funds.

In broader categories, UBS ranked highest in the overall category; Northern Trust came top of the most improved category; and RBC Dexia ranked top in both the wider UK and European markets.

“In 2010 the services from banks have become much more consistent as operations have become more automated, markets have become paperless and communications have become electronic and standardized,” said R&M Surveys Managing Director Richard Hogsflesh. “Some banks have suffered from tightened budgets and consequent fall off in service contrasting with others where budgets and commitment to the business have seen service levels rise.”