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THIRD TIME ’ S ANOTHER CHARM
For the third year in a row the overall Agent Banks in Major Markets score has increased , along with most of the individual categories , pointing to a real purple patch for the sub-custody industry in the eyes of their clients .
What a year it has been for the Agent Banks in Major Markets survey – pulling in a record number of respondents on both the provider and client side . In fact , between 2022 and 2023 every single category experienced an uptick in ratings , and this year paints a similar story with all bar one category registering an increase . The exception here was Securities Lending , and even then the decline was only a marginal fall of 0.01 . Account Management saw the largest uptick in ratings , increasing by 25 basis points , followed by Client Service ( up 23 basis points ) - which incidentally saw the largest rise in ratings in 2022 . Relationship Management ( 6.15 ) has the highest score once again , although this year it has shifted into the Very Good range , up 32 basis points . The high ratings for Client Service and Relationship Management suggest that the providers in this report are in tune with what their clients are looking for . When asked to rate our categories in list of priorities , overwhelmingly respondents reported that Client Service and Relationship Management were of paramount importance . Interestingly , Account Management registered the third highest rating and given that this category has seen the largest annual shift , the future appears to be bright for our providers . Over the next few pages , you will find our report broken down by region , country and then finally the multi-market section . On the final few pages , we have
2024 2023 2022 Difference 2024 - 2023 Account Management 5.83 5.58 5.48 0.25 Asset Safety and risk management 5.73 5.59 5.36 0.14 Asset Servicing 5.59 5.43 5.20 0.16 Cash Management and FX 5.46 5.28 5.15 0.18 Client Service 5.84 5.61 5.36 0.23 Data Services 5.44 5.39 5.24 0.05 Service Innovation 5.43 5.28 5.24 0.15 Liquidity Management 5.41 5.23 5.14 0.18 Pricing 5.20 5.09 4.91 0.11 Regulation and Compliance 5.57 5.48 5.31 0.09 Relationship Management 6.15 5.83 5.78 0.32 Securities Lending 5.17 5.18 5.02 -0.01 Technology 5.33 5.27 5.19 0.06 Average 5.55 5.40 5.26 0.15
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th
Client Preference Client Service Relationship Management Account Management Asset Servicing Pricing Asset Safety and Risk Management Regulation and Compliance Cash Management and FX Technology Liquidity Management Data Services Service Innovation Securities Lending
collected each market , region and global score , along with any provider in that market and placed them all in a summary table , allowing for a quick glance at this year ’ s results . You will see plenty of mentions of T + 1 throughout the survey , an inescapable reality for all major markets – whether they have already reduced their settlement time , or are in the process of considering a chance . We do hope you like our new layout , and as always , would love to hear your feedback on our latest Agent Banks in Major Markets survey . For now , we hope you find the rest of the report interesting and informative .
Happy reading , GC Research
44 Global Custodian Fall 2024