With Local Help, Custodians Grow Their Emerging-Markets Reach

The developing world has never looked more appealing to custodian banks. Between 2011 and 2014 the 11largest global custodians平均地提高了20.9％的新兴和边疆市场的暴露，南美洲最大的跳跃。新兴经济体帮助银行多元化收入和捕获增长机会。“投资者希望平衡高风险和高回报，”Swift，Swift，基于比利时La Hulpe的银行间消息系统的证券市场基础设施高级经理Pascal Roland。“新兴市场提供两者。”

Some global custodians have been active in emerging markets for more than a century, but during the past decade those countries have leveled the playing field for the big banks by making regulatory changes that aim to meet international standards.

Meanwhile, investors are getting more comfortable with emerging markets’ financial infrastructures, explains Mark Kerns, London-based head of investor services at South Africa’s Standard Bank. Besides maturing capital markets, developing economies offer better legal frameworks and more advanced risk management approaches than they did ten years ago.

“战略性地，重要的是与世界十大市场和最有前途的市场相关联的重要性，”阿兰·泊克，基于巴黎的清算，监管和公司信托服务负责人BNP Paribas Securities Services(BP2S). Between 2009 and 2010, BP2S began offering direct custody services in China, India andBrazil; these giants among developing nations are now the world’s second-, seventh- and tenth-largest economies, respectively.

法国银行的emerging-markets focus is South America. Since 2010 it has established a presence in Chile, Colombia and Peru. Last November, BP2S, which has $8.7 trillion in assets under custody, won its first direct African mandate, in Morocco, serving as a local custody provider for the European Bank for Reconstruction and Development. This August it laid the groundwork for a major expansion in Asia, where it hopes to harness opportunities in mainland China, Hong Kong, Japan, Malaysia and Singapore, mostly by investing in its corporate trust services throughout the region.

With $21.7 trillion under custody, Boston-based州街道公司serves the most emerging-markets countries, as defined by index and market analysis provider MSCI: a total of  54. Remarkably, New  York’s布朗兄弟哈里曼, whose custodial assets total just $4 trillion, is tied for No. 2 with $28.5 trillionBNY Mellonand $15 trillionCiti。尽管美国17个办事处的九个是美国，但BBH主要是通过当地的监护人提供新兴市场，这是一个日益增长的趋势。

世界上最大的托管人，BNY Mellon是这种联盟的第一个举动。1998年，它加入了标准银行的部队，为非洲投资者提供国际服务，特别是在Postaparteid南非。标准银行现在拥有330亿美元的非洲外部11个国家的监禁资产和办事处;它由于与中国工商银行的合作，它强调亚洲，该公司于2007年购买了20％的公司。

Partly because Western regulatory directives hold banks liable for mistakes by local custody partners, some custodians prefer to avoid that risk. Citi has the largest proprietary network, acting as its own subcustodian in 62 of the 98 nations it services; those 62 countries account for 95 percent of global public market capitalization. “We are able to provide a singular, consistent service offering for our clients across all these markets,” says Sanjiv Sawhney, Citi’s London-based head of global custody and alternative investor services. “We have the right balance of local experts who know the local markets and overlay our global infrastructure on that.”

Building a custody platform that operates securely in新兴市场and adheres to regulations that are unique to each country can cost hundreds of millions of dollars. In Asia deep-pocketed global custodians have squeezed out their local peers, limiting selection for investors, SWIFT’s Roland notes: “Choice is disappearing because it’s a scale business, the sophistication of clients is growing and legislation is drifting away from protecting local banks to now trying to grasp international services.” • •