[ S U R V E Y | A G E N T B A N K S I N M A J O R M A R K E T S ]
United States
At the risk of repetition , it would be impossible to mention the US in our Agent Banks in Major Markets survey without mentioning the successful transition to T + 1 . A hot topic of conversation throughout 2024 , the success over the last few months will undoubtedly see a knock-on effect around the world . As one panel member commented in a recent GC roundtable , when it came to T + 1 : “ Everybody was afraid that everything was going to fall and therefore I think everybody over prepared for the worst , we really went deep dive into every single process , every single step , ensuring everything was done properly in case something was happening .” In this year ’ s survey , the country still sits comfortably at Good in its overall score . In fact , the US has seen a rise in scores in consecutive years now , jumping from 4.91 in 2022 rising to 5.17 in 2023 , while this year ’ s overall average comes in at 5.38 .
BNY BNY has seen a significant improvement from last year with its score up by 58 basis points . Among a field of improved scores , the Pricing category registered the largest year-on-year increase for the bank , with an uptick of 1.20 . Only one category has seen a downward trend – Asset Safety and Risk Management – though still sits within the Good range . One client left constructive feedback for the bank , requesting an improvement in the speed in which the custodian responds to clients ’ emails . It would be remiss of us not to mention the fact that BNY recently hit
the milestone of $ 50 trillion in assets under custody and administration , a remarkable feat driven by a range of landmark deals in recent years .
Mitsubishi UFJ Trust and Banking Corporation ( MUFG ) Pricing is once again that has seen the largest uptick in ratings this year for MUFG . Rated as Good by clients , the bank has been referred to as “ excellent ”
USA |
USA 2024 |
USA 2023 |
Global Average |
Difference to Global |
Account Management |
5.40 |
5.53 |
5.83 |
-0.43 |
Asset Safety and risk management |
5.54 |
5.64 |
5.73 |
-0.19 |
Asset Servicing |
5.36 |
5.40 |
5.59 |
-0.24 |
Cash Management and FX |
5.17 |
5.25 |
5.46 |
-0.29 |
Client Service |
5.43 |
5.49 |
5.84 |
-0.41 |
Data Services |
5.03 |
5.23 |
5.44 |
-0.41 |
Service Innovation |
5.27 |
5.28 |
5.43 |
-0.16 |
Liquidity Management |
5.03 |
5.10 |
5.41 |
-0.38 |
Pricing |
5.41 |
5.11 |
5.20 |
0.21 |
Regulation and Compliance |
5.36 |
5.45 |
5.57 |
-0.21 |
Relationship Management |
5.76 |
6.50 |
6.15 |
-0.39 |
Securities Lending |
5.02 |
4.25 |
5.17 |
-0.15 |
Technology |
5.20 |
5.43 |
5.33 |
-0.12 |
Average |
5.31 |
5.39 |
5.55 |
-0.24 |
50 Global Custodian Fall 2024