PICTET

Switzerland’s Pictet won the 2022 edition of the survey’s global weighted category, with a total score of 16.52, climbing up from the third position last year. It also won in the same category in the unweighted part of the survey.

It came in first place in the Asia-Pacific category, with a weighted score of 4.83 and 6.32 in the unweighted section, ahead of BNP Paribas. It was top in the Americas weighted list, though conceded the first place to RBC Investor & Treasury Services in the unweighted part. It was second in the Europe, Middle East and Africa (EMEA) region in both categories. The firm had the highest total average in the weighted part of the survey (5.49) and was in second place in its unweighted counterpart.

Pictet was top custodian in 15 of the 21 service categories outlined in the survey, including cash management, corporate actions, execution services, income collections, and innovation and technology investment. It came second in the remainder, such as client services and relationship management.

It was the top-rated supplier by global total in the weighted and unweighted sections where respondents used multiple custodians. It has the second highest average scores but led the lists in the Americas region.

When it comes to respondents relying on single custodians, it had the highest average in the weighted sector, but was runner up in terms of global totals. It was the only firm to qualify in the Asia-Pacific region in that category.

RBC INVESTOR & TREASURY SERVICES

RBC Investor & Treasury Services qualified and won in both the weighted and unweighted sections for the EMEA and Americas regions in this year ’s survey. A weighted score of 5.90 and an unweighted one of 6.69 in EMEA were higher than in 2021, while those in the Americas were slightly lower. It came in second place (13.40 unweighted and 10.96 weighted) when overall global totals were taken into account, on the back of its two regional scores. It was also in second place in the average score section.

The custody arm of the Canadian bank won the five service categories it returned a score in, both in the unweighted and weighted sections, including for client services, industry knowledge and influence, relationship management and reporting. This is the same number as last year.

The Canadian firm was also the top-rated EMEA firm in the unweighted and weighted sections of the survey for firms using multiple custodians, with score of 6.69 and 6.90 respectively, ahead of Pictet in both. It did not return a score in the Americas or Asia-Pacific, but still had the highest total average score (6.72 unweighted and 6.51 weighted).

RBC was top in the unweighted category for firms using a single custodian in EMEA with a score of 6.69. It was the only firm to return a score in the Americas (6.68), and also had the highest global total (13.37) and average (6.68) scores. In the weighted section, it slipped to second place in the EMEA and in the average score sections. It did, however, retain its leads in the Americas and in the global total section.

BNP PARIBAS

BNP Paribas had the third highest overall unweighted global average (5.73), which was on a similar level to its 2021 score (5.86). It was also third in terms of global total (11.29). The weighted portion of this part of the survey paints a similar picture.

The French bank qualified in EMEA in both the overall weighted (4.87) and unweighted (5.80) sections of the survey and came second in each. The Asia-Pacific section had similar results, with an unweighted score of 5.49 and a weighted score of 4.02. It did not qualify in the Americas.

While its scores in the service categories considered in this survey were mostly down on last year’s levels, BNP remained steady in all service categories in which it qualified (16 out of 21 in total) in the unweighted section. In the weighted part, it won in the foreign exchange services category with a score of 4.60, ahead of Pictet.

The custody business at the French firm was third in the unweighted EMEA list for firms using multiple custodians with a score of 5.75. It was the only firm to return a score in Asia-Pacific. Its average scores in that particular category reached 5.60 in the unweighted list and 4.97 in the weighted one, though reflecting its qualification in EMEA only.

Firms using single custodians awarded BNP Paribas a weighted score of 3.14 (6.20 unweighted) for the EMEA region, which translates to third place.