点击这里to view the entire 2003 Global Custody Ranking results available in the研究与排名section of this site.
建立全球监禁组合有一种简单的方法：让咆哮的牛市膨胀资产并提高相关费用。不幸的是，这对过去三年的大部分时间来说并不是一种选择，因此监护人必须寻找替代方向的成长方式。
一种方法是购买。州街公司1月份完成了收购德意志银行E2.2万亿（2.4万亿美元）的全球证券服务组合。125亿美元的交易帮助州街道的总监管资产高达8.5万亿美元，在纽约纽约（7.8万亿美元）和J.P.摩根大通＆Co公司（6.7万亿美元）之间的一点距离。
The purchase also strengthened State Street's position in a potentially high-growth market, cross-border processing. As of March 31 the Boston-based bank had $1.7 trillion in international custody assets, up 50 percent from a year earlier, lifting it to fourth place from sixth in亚博赞助欧冠's annual ranking of cross-border holdings (see complete table, page 202).
"The U.S. is showing signs of slowing growth," notes Joseph Hooley, head of investor services at State Street. "Meanwhile, markets in Europe are on the front end of pension reform. There's a high likelihood that Europe will grow faster than the U.S., and U.S. fund managers will want access. State Street will be ready to provide them global custody services when they make the move."
State Street is only now beginning to consolidate the Deutsche Bank purchase; it claims to be retaining 90 percent of the revenue from Deutsche's clients.
其他主要参与者发现在崎岖的市场和下降的美元中致力于生长资产。在调查期间，美元跌倒 - 22％与欧元 - 给予非美国。银行的平衡。
纽约银行，花旗银行和J.P.摩根追逐均为他们在拘留资产的3％以内II'2002年排名。在跨境类别CITI中增长0.5％，达到3.5万亿美元，以维持大约1.6万亿美元的领先，分别为3％和1％的骨头。
Citibank's global subcustodian assets -- the biggest pool by far in that subcategory -- fell 2 percent, to $2.9 trillion.
Custodians looking to get bigger are also focusing on markets that defy the overall slow growth trend. RBC Financial Group, which in 2002 jumped from No. 13 to No. 8 in global assets, climbed another notch this year, to No. 7, as assets rose 10 percent, to $549 billion. RBC, the parent of Toronto-based Royal Bank of Canada, has set its sights primarily on European countries, particularly in Scandinavia, that are pushing private retirement savings programs, says José Placido, senior vice president of institutional and investor services. The bank also has high hopes for Australia, where pension reform is getting under way.
伦敦的汇丰银行增长速度更快：其跨境资产增长了53％，达到6160亿美元，适用于第六位II排名，不到5号BNP Paribas的一半资产。
Of course, custodians can also grow by reeling in new clients. No. 20 Investors Bank & Trust Co. of Boston, up 46 percent, to $98 billion, is reaping the rewards of its 2001 signing of Barclays Global Investors. Other big percentage gainers in global custody included No. 8 Société Générale, 61 percent (41 percent in euro terms), and No. 12 Fortis Bank, 85 percent (51 percent). But the dollars gained in these instances are relatively few as assets become increasingly concentrated among the larger players.
Size is still regarded as the key to profitability. In a low-margin commodity operation, economies of scale -- particularly those linked to technology -- are vital.
The global elite -- BoNY, Citibank, J.P. Morgan Chase and State Street -- are trying to leverage their custody positions by selling additional banking, processing and outsourcing services. The strategy hasn't always worked; asset managers have been cautious about making sizable contractual commitments. In the meantime, the big processing banks are jockeying to be ready for what they see as an inevitable uptick in demand when markets recover.
"We continue to add functionality," says Thompson Swayne, head of the investor services unit at J.P. Morgan Chase, citing, among other things, its acquisition last year of Plexus Group, a leading provider of transaction-cost analytics. Custody clients, he says, are attracted by J.P. Morgan's "business presence, not only in custody, but the bank itself as a complete franchise globally."
另一个大型保管人自然地旋转了不同的旋转。花旗集团全球交易服务执行副总裁Sandra Jaffee表示，Citi的全方位服务简介与J.P. Morgan Chase的完整型材相似，强调关系银行，提供现金管理，财务管理和贸易融资。
骨骼和州街拿一个更专业的加工专注的钉钉。
“我不买这个型号，”伯尼投资服务行政托马斯佩纳在J.P.摩根大通的多用户定位方面说。“您需要能够进入并提供资产服务业务范围广泛的服务。”根据PERNA的说法，包括外汇，证券贷款和资金会计。
州街的Hooley在拥有监护权和投资银行业务方面没有固有的好处，这是J.P. Morgan所做的方式，他认为他的公司的独立性是有助于接管Deutsche Bank的投资组合的能力。“Deutsche Bank继续与这些客户在其业务的其他部分中的关系，并且监护人队的手中可以妥善处理客户的需求，”Holey说。
一些较小的球员 - 包括美国区域银行Mellon Group和北方信托公司以及法国的BNP Paribas和Socgen - Echo Bony和State街，强调了紧张的焦点优势。例如，投资者银行表示，其对托管的集中集中在竞争对手上，这也必须关注消费者服务或公司贷款。
From any perspective competition in custody is shaping up to be a technological arms race, which doesn't bode well for smaller operators, says Hooley of State Street, which spends $800 million annually on technology. "The niche players are good competitors, but to the extent that this business demands global services, I think it will be a stretch for them."
Adds J.P. Morgan Chase's Swayne: "Scale is absolutely important. The technology costs put massive pressures on firms that are not of a certain size. You have to be pretty substantial to afford the investment in technology to stay current. We spend over $500 million a year."
If markets continue rallying, growth may come a little easier. On June 30 the Big Four custodians combined were managing $2 trillion more than they had on the March 31 survey date.
The survey is based on information provided by the custodians toII。研究员Michele Bickford在高级编辑Jane B. Kenney的指导下收集了数据。
点击这里to view the entire 2003 Global Custody Ranking results available in the研究与排名section of this site.