全球证券服务：金钱不是一切

Before the ink was even dry on J.P. Morgan Chase & Co.'s $59 billion acquisition of Bank One Corp., speculation started that the banking giant would unload all or part of its huge investor services operation. J.P. Morgan Chase, the thinking went, would prefer to invest in more-profitable retail and investment banking activities rather than continue to plow money into a low-margin back-office business that requires massive technology spending and a steady diet of acquisitions to keep pace with a handful of equally huge rivals.

猜测是逻辑 - 但错了。

"Operating services are a core franchise, extremely critical to the future of this organization," declared Heidi Miller, the former Bank One CFO who is J.P. Morgan Chase's new head of treasury and security services, in a press conference on July 7, six days after the merger was consummated. "The potential of the merged firm enhances the value of these businesses substantially."

The rumors, Miller suggested, may have been the result of envy or wishful thinking in a business where scale is extremely important. With $8 trillion in total custody assets, the New Yorkbased bank ranks third in the industry, behind Boston's State Street Corp. ($9.4 trillion) and Bank of New York ($8.6 trillion) and ahead of Citigroup's Citibank ($7 trillion).

根据机构投资者的年度国际监护权排名（见表），在全球范围内或跨境的监护权资产，J.P.摩根大通的2.6万亿美元仅在花旗集团的4.2万亿美元的价格。亚博赞助欧冠州街（2.1万亿美元）的全球资产排除在顶部，其次是Bony（$ 1.97万亿美元），J.P. Morgan Chase（$ 1.96万亿美元）和花旗集团（0.95万亿美元）。

The investment services group, which includes custody and other processing activities, is a solid contributor to J.P. Morgan Chase's financial health. It kicked in $2.3 billion of the bank's $18.5 billion in consolidated first-half operating revenues and $240 million of $3.76 billion in operating earnings. Investment services' return on allocated capital of 15 percent trailed retail and investment banking (both 23 percent) but was nearly double the 8 percent of investment management and private banking.

J.P. Morgan Chase一直在提高其能力，因为主要的投资经理考虑外包潜在办事处并要求监护银行扩大其证券服务。例如，两年前，银行收购了金融集团，该公司是一家专门从事交易成本分析的洛杉矶集团 - 对州街1999年购买丛购的丛林竞争对手Elkins-McSherry的回应。和3月，J.P. Morgan Chase通过协议延长其全球范围，以获得南非基金管理员Tasc。

事实上,最近的并购交易,摩根大通(J.P. Morgan Chase)nd its rivals suggests that global custodians have moved beyond asset accumulation and are focusing on strategic transactions that bring in new products, services, technology and talent. Recent examples include London-based HSBC Bank's purchase of offshore fund administrator Bank of Bermuda and BoNY's taking a majority stake in London's Netik, which offers a specialized data warehouse for asset managers.

“在越来越多的出价中，我们看到了寻找新仓库的资产经理，”伯尼斯高级执行副总裁托马斯佩纳说。“我们投资Netik的一个原因是我们认为这将是一个很好的差异化因素。”

Size matters, but it's not the sole criterion for winning new business, says Frederick Waddell, president of corporate and institutional services at Chicago's Northern Trust Co. (No. 9, with $760 billion in global custody assets). "A minimum amount of scale is absolutely essential," he asserts. "It is important that you have depth and breadth [and the ability to spend] hundreds of millions of dollars a year on technology." That's not a problem for Northern Trust, he says, because the bank earns the majority of its profit from wholesale and institutional services and isn't distracted by the retail branch networks or credit card operations of a universal bank like Citi or J.P. Morgan Chase.

截至3月份截至3月份，北方信托将其总监管资产增加44％，其国际部分在全球贸易二有四大的增长速度较慢，从19％到35％。但规模的重要性在绝对方面是明显的：北部的7000亿美元总资产增加至2.3万亿美元，贝尼收益为1.8万亿美元，州街1.5万亿美元，J.P.摩根大通1.3万亿美元。德国资产管理和SMUDDER投资，州街从两个新客户增加了超过5000亿美元。

在七月新闻发布会上，J.P. Morgan Chase的Miller表示了对阵的案例：“我们的产品是尺度的，我们产品的深度和广度以及整体公司的力量，”她说。“这是重要的，从信托的角度来看，知道该公司今天在这里，将明天。”

竞标加入国际精英，第5号BNP Paribas将其全球监管资产增加了37％，在3月12日，达到了1.9万亿美元。（其总资产包括国内资产，达到47％，达到2.8万亿美元。该措施使BNP仅有超过2万亿美元的银行。除了四大，还有北方信托，北方信托均为2.3美元千年，梅隆集团，匹兹堡的Mellon金融公司的监护人联盟，价格为2.9万亿美元。）

在LockStep与其更大的竞争对手中，BNP Paribas正在推广诸如性能测量，报告和归因和风险分析等附加组件，全部与数据仓库和监护服务一体化。“这些能力对于中型甚至大型资产管理人员来说是非常繁重的，因此我们看到让他们外包的巨大机会，”基于巴黎的巴黎的银行产品负责人Michel Laurent说。

BNP飙升的重点是2002年收购澳大利亚金融服务公司AMP的跨国资产管理外卖公司。“之前，我们不超过传统的全球监护人，”劳伦斯解释道。“现在我们可以提供一站式商店，以便在资产经理的需求中尽可能多地涵盖。”

Bony的Perna表示，BNP已经赢得了一个地方 - 与Bony，Citi，Mellon，J.P.摩根大通，北方信托和州街 - 通过精明的收购和技术投资争夺领导地位​​的人。“从现在开始三年，他们将不会在那里，”他说，“但我无法预测哪些意志。”

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The survey is based on information provided by the custodians to II.Researcher Michele Bickford gathered the data under the guidance of Senior Editor Jane B. Kenney.