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BNP Paribas
BNP Paribas received the highest number of responses across the survey from a broad range of clients , from the Americas , Europe , and Asia-Pacific . On a global level , BNP Paribas ’ securities services business has seen some notable changes . At the time of writing , in just the last month it had launched its ESG investment compliance monitoring solution in Australia and New Zealand , seen several changes in senior positions , been appointed as depositary bank for PAI Partners ’ eighth flagship fund , PAI Partners VIII , representing ¤ 7.1 billion and been selected to provide custodial services to Versorgungswerk der Zahnärztekammer Nordrhein ( VZN ), which manages assets of roughly ¤ 5 billion . Taking a look at the data , BNP Paribas sits firmly in the Good range , and when it comes to Asset Safety and Risk Management ( 5.87 ) and Data Services ( 5.47 ) both categories have beaten the
Citi
Citi is back once again in the multimarket section of our report , following an exciting few months . Back in August 2024 , Citibank streamlined its US stock settlement for Korean Investors meaning , retail and institutional investors in Korea can now have their US stock sale proceeds credited the next business day in line with the US ’ T + 1 settlement cycle . Meanwhile Citi was selected by the Taiwan Depository & Clearing Corporation for global custody services as the Asian infrastructure implements a new centralised custody platform in the market . As one of the prominent voices in educating the industry on the reduction in settlement time for North America , Citi followed up its efforts pre-May 2024 with a report this September which found that the transition to T + 1 was harder than expected , with reduction in clearing margin a key challenge for custodians . With 26 clients taking the time to rate their provider , Citi had respondents global average by 14 basis points and 4 basis points , respectively . However , what is worth noting here is that BNP Paribas is rated as Excellent or Very Good by over half ( 54 %) of its clients ,
based in Europe , Asia and North America . The asset servicer ’ s spread of ratings is interesting . Asset Safety and Risk Management ( 5.35 ) was the highest scoring category for the bank , followed
with a further 20 % rating it Good . When looking at the more general comments , one client comments : “ BNP on the whole offer a good service , they ’ re a good custodian and [ we have ] just re-appointed .”
by Relationship Management ( 5.30 ) and Regulation and Compliance ( 5.27 ). Looking at the overall spread of opinion , over a third of respondents rated Citi as either Excellent , Very Good or Good .
90 Global Custodian Fall 2024