[ O U T S O U R C E D T R A D I N G S U R V E Y ]
Chart 2
a decline in their scores since last year , State Street has three categories which have seen an uptick in their annual score – Operations and Post-Trade ( up 0.03 ), Trade Decision Support ( up 0.11 ) and Onboarding which has seen a significant increase of 0.90 basis points . The majority of respondents rate State Street as either Excellent or Very Good - with over half of respondents rating their provider as Excellent . It is Operations and Post-Trade which saw an impressive 83 % of respondents rate this category as Excellent , with Client Service and Relationship Management coming a close second ( 73 %). This category is particularly interesting , with plenty of praise for the “ strong , experienced client service and relationship contacts who are market experts ” as well as for CF Global ’ s responsiveness and balance - yet this is the only category which has a Very Weak rating , included in the responses . However , this would seem to be an anomaly given the number of clients who are more than happy to heap on the praise for State Street – especially when it comes to Client Services . Cost vs Value is one of two categories sitting at Good , yet despite this , there is still plenty of positivity for this category from its clients . Note that 86 % of respondents rate State Street as Good , Very Good , and Excellent . Several respondents praise the provider ’ s “ competitive rate ” labelling it , “ well worth what they charge ”. Given how we usually see respondents less impressed when it comes to pricing and cost , these comments clearly highlight that State Street are doing something right according to their clients . It is worth noting that State Street ’ s Alpha offering now has 23 live clients , making it – at least when measuring public information – the most successful executor of a frontto-back strategy in the industry . While not all of those clients are necessarily using its outsourced trading component , it appears asset managers are not shy in turning to the custodian for front-office services .
2024 // Outsourced Trading Handbook // 55