A testing time
09 Jun 2021
Although the latest R&M Survey showed a small decline in overall scores, many respondents commented on how well the industry coped with the challenges that the pandemic caused
Image: milan/stock.adobe.com
A year like no other, when business continuity plans have been put to the test, personal initiative was challenged and working practices stood on their heads. In an industry that has not been required to suspend its operations but has had to deal with volatile markets, shifting investment strategies and countless video meetings; the test has been passed with a high degree of success. The challenges of the next year now await. The industry has coped with working from home, and will now have to learn how to cope with hybrid working — mixing working from home with attendance in the office. In its 13th year, the R&M Survey shows, through its results, that all providers have coped well. Although there is a small decline in overall scores, this is to be expected given the circumstances. Many respondents commented on how well the industry coped with the challenges that the pandemic caused.
The survey was conducted between November 2002 and the end of February 2021. Around 300 responses came from asset managers and asset owners globally. They ranked providers based on a questionnaire covering 54 different aspects of the service and scored on a scale of one to seven.
Overall
The overall results are based on all responses from asset managers, asset owners and others. Keeping the top spot on the overall score table was Swiss asset manager Pictet. Although it remained on top, it received a slightly lower score of 6.42 compared to 6.43 last year. Commenting on the results, Marc Briol, CEO of Pictet Asset Services, says: “I think 2020 taught us all to never take anything for granted. Channelling this mindset, acting as a trusted partner by striving to go above and beyond our clients’ expectations, offering valuable solutions and insights by leveraging client-centric technology, are what we do best at Pictet Asset Services.”
HSBC took second place with an increase of 0.17, while RBC Investor & Treasury Services (RBC I&TS) dropped one spot to third.
Northern Trust, BNY Mellon and J.P. Morgan all kept their positions in fourth, fifth and sixth, respectively.
Meanwhile, BNP Paribas was placed in seventh with a score of 5.14 after not making it on the table in 2020.
Despite seeing an increase in their overall score, State Street dropped a position into eighth, while Citi dropped into ninth.
The experts
(Managers responding on multiple providers)
When it comes to ‘the experts’ results, that is, results from respondents that work with five or more providers, Pictet jumped straight to the top after not featuring in last year’s top five.
J.P. Morgan moved up one place into second with an increase of 0.19. Last year’s number one provider, BNY Mellon dropped into third place after seeing a decrease in its result of 0.11.
Northern Trust also took a hit on its score of 0.12, which saw it move into fourth from second last year.
Finally, State Street held the fifth position but saw an increase in its score of 0.10.
Top 200 asset managers
The survey also looks at how the top 200 global asset managers rank, based on the value of global assets under management.
HSBC remained in the first place, despite experiencing a drop in its score from 5.87 to 5.41. Commenting on the results, Allegra Berman, global head of institutional sales and co-head of securities services: “I am delighted that our clients have recognised HSBC for the second year running as the top asset servicer. We are honoured with this ranking and it’s testament to the client-centric philosophy and hard work of all my colleagues across our company who put our clients at the heart of everything we do on a daily basis. We exist to serve our clients and this recognition is very much appreciated.”
Meanwhile, J.P. Morgan saw the biggest increase of 0.50, which moved it from last year’s fifth place into second in 2021.
With a 0.46 loss on last year’s result, Northern Trust moved from second into third.
State Street remained fourth, increasing its 2020 score of 4.82 to 5.00, while BNY Mellon dropped into fifth from the third spot last year.
Finally, Citi took sixth place with a score of 4.14, after not appearing in last year’s top six.
The survey was conducted between November 2002 and the end of February 2021. Around 300 responses came from asset managers and asset owners globally. They ranked providers based on a questionnaire covering 54 different aspects of the service and scored on a scale of one to seven.
Overall
The overall results are based on all responses from asset managers, asset owners and others. Keeping the top spot on the overall score table was Swiss asset manager Pictet. Although it remained on top, it received a slightly lower score of 6.42 compared to 6.43 last year. Commenting on the results, Marc Briol, CEO of Pictet Asset Services, says: “I think 2020 taught us all to never take anything for granted. Channelling this mindset, acting as a trusted partner by striving to go above and beyond our clients’ expectations, offering valuable solutions and insights by leveraging client-centric technology, are what we do best at Pictet Asset Services.”
HSBC took second place with an increase of 0.17, while RBC Investor & Treasury Services (RBC I&TS) dropped one spot to third.
Northern Trust, BNY Mellon and J.P. Morgan all kept their positions in fourth, fifth and sixth, respectively.
Meanwhile, BNP Paribas was placed in seventh with a score of 5.14 after not making it on the table in 2020.
Despite seeing an increase in their overall score, State Street dropped a position into eighth, while Citi dropped into ninth.
The experts
(Managers responding on multiple providers)
When it comes to ‘the experts’ results, that is, results from respondents that work with five or more providers, Pictet jumped straight to the top after not featuring in last year’s top five.
J.P. Morgan moved up one place into second with an increase of 0.19. Last year’s number one provider, BNY Mellon dropped into third place after seeing a decrease in its result of 0.11.
Northern Trust also took a hit on its score of 0.12, which saw it move into fourth from second last year.
Finally, State Street held the fifth position but saw an increase in its score of 0.10.
Top 200 asset managers
The survey also looks at how the top 200 global asset managers rank, based on the value of global assets under management.
HSBC remained in the first place, despite experiencing a drop in its score from 5.87 to 5.41. Commenting on the results, Allegra Berman, global head of institutional sales and co-head of securities services: “I am delighted that our clients have recognised HSBC for the second year running as the top asset servicer. We are honoured with this ranking and it’s testament to the client-centric philosophy and hard work of all my colleagues across our company who put our clients at the heart of everything we do on a daily basis. We exist to serve our clients and this recognition is very much appreciated.”
Meanwhile, J.P. Morgan saw the biggest increase of 0.50, which moved it from last year’s fifth place into second in 2021.
With a 0.46 loss on last year’s result, Northern Trust moved from second into third.
State Street remained fourth, increasing its 2020 score of 4.82 to 5.00, while BNY Mellon dropped into fifth from the third spot last year.
Finally, Citi took sixth place with a score of 4.14, after not appearing in last year’s top six.
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