与期望相反，中型银行仍在积极竞争监护业务。尺寸不是每个人都想到的好处吗？
由珍妮伯克
September 2002
亚博赞助欧冠机构投资者Magazine
以下是如何发挥出来的：最大的全球监护人，他们庞大的跨国公司和卓越的后台效率将引诱越来越小的哥斯兰区域竞争对手。与此同时，庞然大浩派将推出一系列进一步水泥客户关系并导致利润丰厚的外包合同的一系列新产品。最终只是少数占主导地位的监护人，每个控制数万亿美元的证券会抓住他们局局竞争对手的剩余部分。
To date, it hasn't worked out that way. With the bear market depressing portfolio valuations and revenue growth, custodians have been slow to close acquisition deals, and prospective outsourcing clients have grown wary of making radical operational changes.
同时，较小的保管人证明了非常有弹性。亚博赞助欧冠例如，机构投资者的年度全球监护权排名（见表）显示，加拿大RBC金融集团将其跨境资产增进41％以上超过12个月，达到4975亿美元。它从13岁到第八位，以少数合同赢得的实力和收购永久受托人澳大利亚的监护业务。
No. 9 Mellon Group, with $492 billion, is stepping up its commitment to global custody: In July it upgraded its European alliance with Amsterdam-based ABN Amro Bank into a full-fledged joint venture, ABN Amro Mellon Global Securities Services. Its clients have more than doubled in three years, to 111, with $250 billion under custody, says Nadine Chakar, chief executive officer of the new London-based unit.
"Size is no guarantee that you can stay and make money in this business," says Andrew Tucker, partner in charge of custody operations in London and Zurich for Brown Brothers Harriman, which has carved a profitable niche lavishing attention and services on a small number of large investment managers. Stressing quality over quantity -- and boasting a new information management system called Infomediary -- Brown Brothers suffered an 11 per-cent decline in cross-border assets, to $528 billion, but remains in seventh place on the list.
To be sure, the biggest custodians keep getting bigger. Bank of New York, J.P. Morgan Chase & Co. and State Street Corp. each handle more than $6 trillion in total -- global and domestic -- custody assets, and Citibank oversees about $5 trillion; all grew over the past year. Citi, which has been especially aggressive internationally and as a subcustodian to J.P. Morgan and others, remains the biggest in cross-border assets, at $3.4 trillion.
但事实仍然是，这些组织没有扼杀所有地区或利基球员，也没有他们的外包战略，如外汇和资金会计那样建造在附加物，加速了变革的步伐。合并只是磨削比预期更慢，或者这一业务的动态与许多策略师都有不同的思考吗？在明年，作为持续的市场疲软和成本压力迫使守护者重新评估他们对业务的承诺，答案可能更加清晰。
II基于3月31日数据的年度全球监管排名表明，啄食顺序更改了几点。除了RBC的收益和基于伦敦的汇丰银行从第九到第11次滑倒，前十名从一年前不变。
Yet there is one obvious sign of a pickup in the long-anticipated industry consolidation: In May Deutsche Bank -- No. 4 in global custody assets, with $1.7 trillion -- placed its business under "strategic review," and a few prospective buyers have completed due diligence.
只有四个大型美国公司，也许是BNP Paribas和Mellon，可以考虑消化Deutsche的投资组合。但是，他们也可以预测更多购买机会，因为德意志不会成为最后一次可达毛巾的银行，预测纽约银行投资高级执行副总裁托马斯佩纳。“到目前为止，有很多较小的收购，”Perna说，但是大家也会有一个震撼。“
There are other, related developments that could ignite consolidation. Brussels-based Euroclear and London's CrestCo agreed in July to merge and create what they call "a single domestic settlement service" for securities in five countries: Belgium, France, Ireland, the Netherlands and the U.K. Their objective, like that of the major custodians, is to lower transaction costs. "As that pricing margin gets squeezed out, the economics will put pressure on local and regional [custody] providers," explains Thompson Swayne, head of global investor services at J.P. Morgan Chase. "Some might choose to exit and focus on other core competencies."
根据他们最近的财务表现，最大的监护人可以承担机会主义。国家街道公司报告了第二季度的服务费增加3％，达到4.4亿美元，而纽约证券服务收入银行攀升9％，达到4.36亿美元。J.P. Morgan在其财政部和证券服务集团内报告监管结果，其收入增长2％，达到9.85亿美元。花旗集团表示，全球证券服务收入公平。但是，它们所包含的交易服务收入增长了5％，达到9.39亿美元，利润增加了76％，达到2.04亿美元。
As the proposed merger between CrestCo and Euroclear demonstrates, Europe's fragmented marketplace is gradually unifying, providing more custodial opportunities. And privatized pension plans are also gaining ground, eliciting even more interest from custodians. Those that can export their fund accounting and shareholder reporting expertise from the U.S. stand to benefit. "These shifts change how funds are distributed and collected and also accelerate the trend toward transparency in performance," says Swayne.
这解释了今年发生的一些收购，包括纽约银行的两次经纪购买：来自瑞士信贷第一波士顿的Autranet，以及来自CréditLyonnais的G贸易服务。J.P. Morgan在8月份同意收购洛杉矶基本的Plexus集团，这是一个贸易成本数据的领先提供商到机构。
"What's interesting is that there hasn't been a lot more consolidation," says Sandra Jaffee, Citibank's executive vice president of worldwide securities services. "There is talk, but there is a reluctance to disengage completely because the custody business really enhances cross-selling" of various bank services.
一个类似的谨慎预防ed broader outsourcing deals from proliferating. State Street's agreement to take over back-office functions for $240 billion-in-assets Pacific Investment Management Co. two years ago was supposed to start a trend -- but didn't. Los Angelesbased Trust Company of the West, with $90 billion under management, last year awarded Mellon Financial a mandate for its back-office services, and Barclays Global Investors, the $500 billion indexing giant, turned over administrative functions to Investors Financial Services Corp. But it's hardly been a flood, and none of it has been cross-border in nature. In fact, BGI withdrew a similar outsourcing plan in the U.K., saying the conversion costs there were much higher than in the U.S.
"In the slow economy people are behaving tactically rather than strategically," says Timothy Lind, a custody industry analyst at Needham, Massachusettsbased research firm TowerGroup.
最大的公司认为熊市可以帮助他们。客户将希望更快，更便宜地定居交易，作为驱动器的一部分朝着全自动化直接处理交易。与此同时，9月11日强调了对安全性和可靠性的需求。“客户想要工业实力备份，”J.P. Morgan Swayne说。为此，当然，他们需要最大的监护人。
调查的所有数据截至2002年3月31日。托管人本身提供了响应II的调查问卷的数字。根据高级编辑Jane B. Kenney的指导，副主编Emily Fleckner收集了本次调查的数据。
由珍妮伯克
September 2002
亚博赞助欧冠机构投资者Magazine
以下是如何发挥出来的：最大的全球监护人，他们庞大的跨国公司和卓越的后台效率将引诱越来越小的哥斯兰区域竞争对手。与此同时，庞然大浩派将推出一系列进一步水泥客户关系并导致利润丰厚的外包合同的一系列新产品。最终只是少数占主导地位的监护人，每个控制数万亿美元的证券会抓住他们局局竞争对手的剩余部分。
To date, it hasn't worked out that way. With the bear market depressing portfolio valuations and revenue growth, custodians have been slow to close acquisition deals, and prospective outsourcing clients have grown wary of making radical operational changes.
同时，较小的保管人证明了非常有弹性。亚博赞助欧冠例如，机构投资者的年度全球监护权排名（见表）显示，加拿大RBC金融集团将其跨境资产增进41％以上超过12个月，达到4975亿美元。它从13岁到第八位，以少数合同赢得的实力和收购永久受托人澳大利亚的监护业务。
No. 9 Mellon Group, with $492 billion, is stepping up its commitment to global custody: In July it upgraded its European alliance with Amsterdam-based ABN Amro Bank into a full-fledged joint venture, ABN Amro Mellon Global Securities Services. Its clients have more than doubled in three years, to 111, with $250 billion under custody, says Nadine Chakar, chief executive officer of the new London-based unit.
"Size is no guarantee that you can stay and make money in this business," says Andrew Tucker, partner in charge of custody operations in London and Zurich for Brown Brothers Harriman, which has carved a profitable niche lavishing attention and services on a small number of large investment managers. Stressing quality over quantity -- and boasting a new information management system called Infomediary -- Brown Brothers suffered an 11 per-cent decline in cross-border assets, to $528 billion, but remains in seventh place on the list.
To be sure, the biggest custodians keep getting bigger. Bank of New York, J.P. Morgan Chase & Co. and State Street Corp. each handle more than $6 trillion in total -- global and domestic -- custody assets, and Citibank oversees about $5 trillion; all grew over the past year. Citi, which has been especially aggressive internationally and as a subcustodian to J.P. Morgan and others, remains the biggest in cross-border assets, at $3.4 trillion.
但事实仍然是，这些组织没有扼杀所有地区或利基球员，也没有他们的外包战略，如外汇和资金会计那样建造在附加物，加速了变革的步伐。合并只是磨削比预期更慢，或者这一业务的动态与许多策略师都有不同的思考吗？在明年，作为持续的市场疲软和成本压力迫使守护者重新评估他们对业务的承诺，答案可能更加清晰。
II基于3月31日数据的年度全球监管排名表明，啄食顺序更改了几点。除了RBC的收益和基于伦敦的汇丰银行从第九到第11次滑倒，前十名从一年前不变。
Yet there is one obvious sign of a pickup in the long-anticipated industry consolidation: In May Deutsche Bank -- No. 4 in global custody assets, with $1.7 trillion -- placed its business under "strategic review," and a few prospective buyers have completed due diligence.
只有四个大型美国公司，也许是BNP Paribas和Mellon，可以考虑消化Deutsche的投资组合。但是，他们也可以预测更多购买机会，因为德意志不会成为最后一次可达毛巾的银行，预测纽约银行投资高级执行副总裁托马斯佩纳。“到目前为止，有很多较小的收购，”Perna说，但是大家也会有一个震撼。“
There are other, related developments that could ignite consolidation. Brussels-based Euroclear and London's CrestCo agreed in July to merge and create what they call "a single domestic settlement service" for securities in five countries: Belgium, France, Ireland, the Netherlands and the U.K. Their objective, like that of the major custodians, is to lower transaction costs. "As that pricing margin gets squeezed out, the economics will put pressure on local and regional [custody] providers," explains Thompson Swayne, head of global investor services at J.P. Morgan Chase. "Some might choose to exit and focus on other core competencies."
根据他们最近的财务表现，最大的监护人可以承担机会主义。国家街道公司报告了第二季度的服务费增加3％，达到4.4亿美元，而纽约证券服务收入银行攀升9％，达到4.36亿美元。J.P. Morgan在其财政部和证券服务集团内报告监管结果，其收入增长2％，达到9.85亿美元。花旗集团表示，全球证券服务收入公平。但是，它们所包含的交易服务收入增长了5％，达到9.39亿美元，利润增加了76％，达到2.04亿美元。
As the proposed merger between CrestCo and Euroclear demonstrates, Europe's fragmented marketplace is gradually unifying, providing more custodial opportunities. And privatized pension plans are also gaining ground, eliciting even more interest from custodians. Those that can export their fund accounting and shareholder reporting expertise from the U.S. stand to benefit. "These shifts change how funds are distributed and collected and also accelerate the trend toward transparency in performance," says Swayne.
这解释了今年发生的一些收购，包括纽约银行的两次经纪购买：来自瑞士信贷第一波士顿的Autranet，以及来自CréditLyonnais的G贸易服务。J.P. Morgan在8月份同意收购洛杉矶基本的Plexus集团，这是一个贸易成本数据的领先提供商到机构。
"What's interesting is that there hasn't been a lot more consolidation," says Sandra Jaffee, Citibank's executive vice president of worldwide securities services. "There is talk, but there is a reluctance to disengage completely because the custody business really enhances cross-selling" of various bank services.
一个类似的谨慎预防ed broader outsourcing deals from proliferating. State Street's agreement to take over back-office functions for $240 billion-in-assets Pacific Investment Management Co. two years ago was supposed to start a trend -- but didn't. Los Angelesbased Trust Company of the West, with $90 billion under management, last year awarded Mellon Financial a mandate for its back-office services, and Barclays Global Investors, the $500 billion indexing giant, turned over administrative functions to Investors Financial Services Corp. But it's hardly been a flood, and none of it has been cross-border in nature. In fact, BGI withdrew a similar outsourcing plan in the U.K., saying the conversion costs there were much higher than in the U.S.
"In the slow economy people are behaving tactically rather than strategically," says Timothy Lind, a custody industry analyst at Needham, Massachusettsbased research firm TowerGroup.
最大的公司认为熊市可以帮助他们。客户将希望更快，更便宜地定居交易，作为驱动器的一部分朝着全自动化直接处理交易。与此同时，9月11日强调了对安全性和可靠性的需求。“客户想要工业实力备份，”J.P. Morgan Swayne说。为此，当然，他们需要最大的监护人。
调查的所有数据截至2002年3月31日。托管人本身提供了响应II的调查问卷的数字。根据高级编辑Jane B. Kenney的指导，副主编Emily Fleckner收集了本次调查的数据。