Best global custody provider - State Street

Based on the nominations of the private banks that entered the awards this year, State Street was chosen as the best global custody provider.

One private bank commented that State Street was a reliable custodian services provider that was able to fully support every aspect of its custody and accounting services needs.

Quality, technological innovation and a professional service are all a focus for State Street. Not only has it built its reputation for being reliable for its core custody services, it aims to be equally recognised for its reporting and data integration tools. The custody and accounting capabilities are integrated onto one platform so that a number of services are built into a single solution.

As of March 2011, State Street had $22,600bn (E16,394) in assets under custody and administration worldwide and $2,100bn in assets under management.

The range of services that State Street offers includes securities settlement, safekeeping, income and dividend collection and repatriation, corporate actions processing, proxy voting, tax reclamation, foreign exchange, cash management and derivatives processing.

It has a wide network and operates in 26 countries and more than 100 geographic markets worldwide. It is known as a global custody leader and has been able to develop effective relationships with local market participants – regulators, exchanges, central banks, depositories and sub-custody providers – which has become more important in the current challenging environment as it needs to mitigate custody risk and exposure for its clients.

The organisation also puts emphasis on thorough research and expertise in how market events, participants, inherent risks, practices and regulations impact the custody of its clients’ assets. JC