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Netherlands
BNP Paribas Securities Services
BNP Paribas has deep roots in this market, adding the 2009
Fortis acquisition to its inheritance from J.P. Morgan. Scoring of
settlement is as solid as it is anywhere, and there are scores to
match in straightforward asset-servicing tasks such as income
collection and corporate actions notifications. Client service
and relationship management both attract handsome scores,
and individual RMs are name-checked as “competent and client
service-minded persons. We appreciate to work with them.”
Respondents value the quality of BNP Paribas as a counterparty,
though they do wonder how much control they have over assets
in custody, and how quickly they access them in a crisis. They
would like a fuller story on the costs of liquidity and FX, more
choice in both, and help economising on capital and collateral.
ABN Amro Clearing
ABN Amro was a name that had disappeared from custody cir-
cles after the bank sold its half of a global custody joint venture
to its partner BNY Mellon back in 2007. It had sold its direct
custody and clearing businesses, including those in the Nether-
lands, four years earlier. Today, in a landscape re-shaped by the
financial crisis, the revivified Dutch bank is providing settle-
ment and custody services once again, but not enough clients
have responded to the survey to judge their quality. What is
clear is that delivering global derivatives clearing and financ-
ing services to proprietary trading houses, fund managers and
corporates puts ABN Amro in an excellent position to exploit
capital and collateral synergies for its clients.
Deutsche Bank
Respondents insufficient in number to gauge service quality
offer a middling verdict in which excellent scores in risk and
liquidity management and parts of asset-servicing are offset by
less impressive returns from client service, pricing and innova-
tion.
KAS Bank
The 212-year-old independent Dutch custodian and fund
administrator has re-oriented its strategy towards technology
and data-driven services to domestic pension funds and fund
managers.
The bank reckons the securities clearing and settlement busi-
ness is now commoditised but continues to look after some bank
and brokerage clients.
Not many have responded to this survey, but if there are
issues in client service and relationship management (“frequent
change of RM,” notes a client, who adds it is “seen as nega-
tive”), KAS does shine in the areas its new model dictates that it
should: settlement and asset-servicing.
Citi
The under-representation of Citi in this survey continues in Am-
sterdam, but those clients that have responded could scarcely be
more pleased with the settlement efficiency, client service, com-
pliance advice, risk management and technology. What doubts
they have centre on the level and the disclosure of the costs of
credit, cash and FX.
WEIGHTED AVERAGE SCORES
BNP Paribas ABN Amro Clearing Deutsche Bank KAS Bank Citi
Market share (% of responses) 66% 10% 10% 7% 7%
Relationship management 5.58 n/a n/a n/a Client service 5.67 n/a n/a Account management 5.49 n/a n/a Asset safety 5.42 n/a Risk management 5.59 n/a Liquidity management 5.21 Regulation and compliance 5.69 Innovation Asset servicing Market Average Global Average
n/a 5.40 5.20
n/a n/a 5.41 5.40
n/a n/a 5.50 5.44
n/a n/a n/a 5.55 5.68
n/a n/a n/a 5.68 5.46
n/a n/a n/a n/a 5.14 4.89
n/a n/a n/a n/a 5.61 5.64
5.65 n/a n/a n/a n/a 5.57 5.18
5.11 n/a n/a n/a n/a 5.17 5.09
Pricing 5.03 n/a n/a n/a n/a 5.03 4.82
Technology 5.26 n/a n/a n/a n/a 5.35 5.28
Cash management and FX 4.30 n/a n/a n/a n/a 4.15 4.25
Total 5.35 n/a n/a n/a n/a 5.33 5.24
Fall 2018
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