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Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
Custody Survey Sep 2010
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Custody Survey Sep 2010

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Who’s got what and where? Find all your data on custody assets and allocations on these four pages.

Who’s got what and where? Find all your data on custody assets and allocations on these four pages.

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  • 1. CUSTODY: FACTS & FIGURES Custody: facts & figures Who’s got what and where? Find all your data on custody assets and allocations on these four pagesGLOBAL CUSTODY SERVICES BY ASSET CLASS (%) BBH BNPP BNYM BoI CAC CIT HSBC JPMBond 27 69 25 73 58 63Equity 64 28 35 24 35 34Money market 2 3 5 1 3Property n/d 5 1 1Private equity n/d 5 1 1Hedge fund n/d 5 1ETFs n/d 20Other 7 4TOTAL 100 n/d 100 100 n/a 100 100 10052
  • 2. ASSETS UNDER CUSTODY: GLOBAL (€BN) 31 Mar 2010 31 Mar 2009 BNYM 16,800 14,700 JPM 15,283 13,532 SSt 10,400 11,300 CIT 9,100 10,200 BNPP 4,336 3,342 HSBC 4,033 2,970 SG 3,246 2,762 NT 2,760 2,111 CAC 2,330 2,120 UBS 2,268 1,717 RBC 2,000 (1) 1,435 (1) BBH 1,801 1,034 PIC 284 215 BoI 130 114 SWE 105 75 (1) RBC Dexia global AuC at 30 June for both years ASSETS UNDER CUSTODY IN EUROPE (EURO BN, AT 31 MARCH 2010) Custodian Total European Auc CIT 4,460 JPM 3,630 SG 3,246 CAC 2,330 HSBC 2,215 RBC 943 (1) NT 699 UBS 661 PIC 284 SWE 100 BoI 80 BBH n/d BNPP n/d BNYM n/d SSt n/d (1) RBC Dexia: total at 30 June 2010NT PIC RBC SG SSt SWE UBS34 24 39 30 2448 32 47 60 38 8 22 2 1 10 5 20 10 22 14 10100 100 n/d n/d 100 100 100 53
  • 3. CUSTODY: FACTS & FIGURESEUROPEAN DOMICILES: ASSETS DOMICILED BBH BNPP BNYM BoI CAC CIT HSBC JPMAustria ✔ ✔ ✔ ✔ ✔Belgium ✔ ✔ ✔ ✔ ✔ ✔ ✔Bulgaria ✔ ✔ ✔ ✔Croatia ✔ ✔ ✔ ✔Cyprus ✔ ✔ ✔ ✔ ✔Czech Rep ✔ ✔ ✔ ✔Denmark ✔ ✔ ✔ ✔ ✔Estonia ✔ ✔ ✔ ✔Finland ✔ ✔ ✔ ✔ ✔France ✔ ✔ ✔ ✔ ✔ ✔ ✔Germany ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔Greece ✔ ✔ ✔ ✔ ✔ ✔Guernsey ✔ ✔ ✔ ✔Hungary ✔ ✔ ✔ ✔ ✔Iceland ✔ ✔ ✔ ✔Ireland ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔Italy ✔ ✔ ✔ ✔ ✔ ✔Jersey ✔ ✔ ✔ ✔Latvia ✔ ✔ ✔ ✔Lithuania ✔ ✔ ✔ ✔Luxembourg ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔Norway ✔ ✔ ✔ ✔ ✔Netherlands ✔ ✔ ✔ ✔ ✔ ✔ ✔Poland ✔ ✔ ✔ ✔ ✔Portugal ✔ ✔ ✔ ✔ ✔Romania ✔ ✔ ✔ ✔Slovakia ✔ ✔ ✔ ✔Slovenia ✔ ✔ ✔ ✔Spain ✔ ✔ ✔ ✔ ✔ ✔Sweden ✔ ✔ ✔ ✔ ✔Switzerland ✔ ✔ ✔ ✔ ✔ ✔UK ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔BNY Mellon, JP Morgan and State transactions for these pension plans was notStreet continued to be the top three consistent with the terms of the applicableglobal custodians by assets under custody as State Street faced custody contracts.at 31 March 2010 – although State litigation over its State Street said it would make theseStreet’s assets had fallen by €900bn since the service more transparent in future.year before. foreign exchange service But at least the custody figure for The reduced figure came during a difficult for custody customers State Street does not include anytime for State Street. Not only contending custody that might stem from itswith the financial crisis, it also started to face when, in October 2009, acquisitions of two asset servicers, Intesalitigation over its foreign exchange service for the attorney general of and Mourant International Financecustody customers when, in October 2009, Administration, this year as State Streetthe attorney general of California California commenced had not begun to service those assets.commenced an action against State Street an action against it The assets from both acquisitions add upBank under the California False Claims Act to $686bn.and California Business and Professional The Mourant acquisition, closed in AprilCode relating to foreign exchange services 2010, will make the firm the largest serviceprovided for California state pension plans. servicer of alternative investments in the The California attorney general asserted world with $600bn in assets underthat the pricing of certain foreign exchange administration.54
  • 4. NT PIC RBC SG SSt SWE UBS ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔✔ ✔ ✔ ✔ ✔ ✔KeyBBH Brown Brothers HarrimanBNPP BNP Paribas Securities Services SABNYM The Bank of New York MellonBoI Bank of Ireland Securities ServicesCAC Caceis Investor ServicesCIT CitiHSBC HSBC Securities ServicesJPM JP MorganNT Northern TrustPIC Pictet & CiePNC PNC Global Investment ServicingRBC RBC Dexia Investor ServicesSG Société Générale Securities ServicesSSt State StreetSWE SwedbankUBS UBS AG 55
  • 5. CUSTODYDIRECTORY 2010 BBH 60 BNP Paribas 60 BNY Mellon 60 BOISS 61 Caceis 61 CITI 61 HSBC 62 JP Morgan 63 Northern Trust 63 Pictet 64 RBC Dexia 64 SGSS 64 State street 65 Swedbank 65 UBS 66
  • 6. CUSTODY DIRECTORYCustody 2010BBH 9 rue du Débarcadère • Risk control and mitigation and reportingBrown Brothers Harriman 93500 Pantin, France Products/services for (further) development140 Broadway tel: +33 1 42 98 1000 over the next 12 months:New York, NY 10005, USA , web: http://securities.bnpparibas.com • Domestic services in Brazil, India, Koreatel: +1 212 493 1818web: www.bbh.com Senior Executives: Services offered in addition to custody: Patrick Colle (Paris) • Securities lendingSenior Executives: Chief executive officer • Equity financeJeffrey Holland (London) Charles Cock (Paris) • Cash management Partner Head of client development • Collateral managementGeoffrey Cook (Luxembourg) Alain Pochet (Paris) • Prime brokerage Partner Head of clearing and custody services • Tax reclamationSean Pairceir (Dublin) Philippe Ricard (Paris) • Commission recapture Partner Head of asset and fund services • Performance attributionDaniel Genoud (Zurich) • Proxy voting Managing director AuC domiciled in Europe: 75 years • Compliance monitoring European custody as % of business: n/d • Fund admin servicesAuC domiciled in Europe: 82 years • Transfer agencyEuropean custody as % of business: n/d European sub-custody provided by: • Distribution support AUT BNP Paribas Securities Services, • Transition managementEuropean sub-custody provided by: BEL BNP Paribas Securities Servicesn/d BUL Bank Austria Creditanstalt AG BNY MELLONGlobal custody by asset class: CRO Bank Austria Creditanstalt AG BNY Mellon Asset Servicing • Bond 27% CYP BNP Paribas Securities Services BNY Mellon Financial Centre • Equity 64% CZE UniCredit Bank Czech Republic AS 160 Queen Victoria Street • Money market 2% DEN Nordea Bank Danmark A/S London EC4V 4LA, UK • Property n/d EST Bank Austria Creditanstalt AG tel: +44 20 7163 2222 • Private equity n/d FIN Svenska Handelsbanken web: www.bnymellon.com • Hedge fund n/d FRA BNP Paribas Securities Services • ETF n/d GER BNP Paribas Securities Services Senior executives: • Mutual Funds 7% GRE BNP Paribas Securities Services Frank Froud (London) GUE BNP Paribas Securities Services Head of Emea asset servicingDomestic markets that are strategically HUN BNP Paribas Securities Services Daron Pearce (London)important in the near future: ICE Islandsbanki Reykjavik Head of asset servicing, UK & Ireland • UK IRE BNP Paribas Securities Services Michelle Grundmann (Frankfurt) • Switzerland ITA BNP Paribas Securities Services Head of Germany, Switzerland & CEE • Germany JER BNP Paribas Securities Services Ross Whitehill (London) LAT Bank Austria Creditanstalt AG Head of offshoreProducts/services showing the greatest LTU Bank Austria Creditanstalt AGincrease in demand in past 12 months: LUX BNP Paribas Securities Services AuC domiciled in Europe: 44 years • Global distribution support services, esp NED BNP Paribas Securities Services (London office opened 1966; branch opened in 1967) for Ucirts products sold into Asia NOR Nordea Bank European custody as % of business: • Increasing interest from Asian promoters POL BNP Paribas Securities Services 33% (year ending 2009) to access European investors. POR BNP Paribas Securities Services ROM Bank Austria Creditanstalt AG European sub-custody provided by:Services offered in addition to custody: SLO Bank Austria Creditanstalt AG AUT UniCredit Bank Austria AG • Securities lending SVK Bank Austria Creditanstalt AG BEL ING Belgium, SA/NV • Cash management SPA BNP Paribas Securities Services BUL ING Bank NV • Tax reclamation SWE Danske Bank, Stockholm CRO Privredna Banka Zagreb d.d • Performance attribution SWI BNP Paribas Securities Services CYP BNP Paribas Securities Services • Proxy voting UK BNP Paribas Securities Services CZE ING Bank NV • Compliance monitoring DEN Danske Bank • Fund admin services Domestic markets that are strategically EST SEB Pank AS • Transfer agency important in the near future: FIN SEB Helsinki • Distribution support • China FRA BNP Paribas Securities Services • Brazil GER BNY Mellon Asset Servicing GmbHBNP PARIBAS • India GRE BNP Paribas Securities ServicesBNP Paribas Securities Services SA Products/services showing the greatest GUE The Bank of New York MellonGrands Moulins de Pantin increase in demand in past 12 months: HUN ING Bank NV60
  • 7. ICE New Landsbanki Islands, Senior executives: More than 20 years Islandsbanki hf Paul Heffernan (Dublin) European custody as % of business: n/aIRE The Bank of New York Mellon Head of UK and European business development European sub-custody provided by: n/dITA Intesa Sanpaolo SpA Feaghal Woods (Dublin)JER The Bank of New York Mellon Director of business development Domestic markets that are strategicallyLAT AS SEB Banka Stephen Baker (Dublin) important in the near future:LTU SEB Bankas Head of custody operations • GermanyLUX Banque et Caisse d’Epargne de l’Etat John McEllin (Dublin) • North AmericaNED Bank of New York Mellon SA/NV Director of securities lending • AsiaNOR DnB NOR Bank ASAPOL ING Bank Slaski AuC domiciled in Europe: 39 years Products/services showing the greatestPOR Banco Comercial Portugues European custody as % of business: 20% increase in demand in past 12 months:ROM ING Bank NV • Outsourcing, esp. middle-office servicesSLO UniCredit Banka Slovenia d.d. Global custody by asset class: • Risk management tools and analysisSVK ING Bank NV • Bond 25% • Depository controlsSPA Santander Investment SA • Equity 35%SWE Skandinaviska Enskilda Banken • Money market 5% Products/services for (further) developmentSWi Credit Suisse • Property 5% over the next 12 months:UK The Bank of New York Mellon • Private equity 5% • Preparation of Ucits IV • Hedge fund 5% • Fund distribution support servicesGlobal custody by asset class: • ETF 20% • Transition management of funds • Bond 69.4% • Newcits: investing directly in the FDIs or • Equity 28.2% Domestic markets that are strategically replicating hedge fund strategies. • Money market 2.4% important in the near future: • US Services offered in addition to custody:Domestic markets that are strategically • UK • Securities lendingimportant in the near future: • Switzerland • Equity finance • Ireland • Cash management • Luxembourg Products/services showing the greatest • Collateral management • Germany increase in demand in past 12 months: • Prime brokerage • ETFs • Tax reclamationProducts/services showing the greatest • Structured products • Commission recaptureincrease in demand in past 12 months: • Trustee services, • Governance (proxy voting/class actions) Products/services for (further) development • Regulatory reporting • Regulatory and risk reporting over the next 12 months: • Tax reporting • Derivatives reporting. • ETFs • Tax reclaim • Securities lending • Fund structuring,Products/services for (further) development • Middle-office servicing • Fund accountingover the next 12 months: • Automated pooling • Browser-based information delivery Services offered in addition to custody: • Financial reporting platform, Workbench • Securities lending • Fund unit pricing • Charting capabilities to view portfolio • Cash management • Daily, intra-daily, real-time valuations details • Collateral management • Hedge fund and FOHF valuations • Tax reclamation • Multiple share classServices offered in addition to custody: • Commission recapture • Multiple pricing, • Securities lending • Performance attribution • Shareholder record keeping, • Cash management • Proxy voting • Shareholder reporting • Collateral management • Compliance monitoring • Company secretary service • Prime brokerage • Fund admin services • Virtual pooling • Tax reclamation • Transfer agency • Cloning • Commission recapture • Distribution support • Dealing room functions • Risk management, • Transition management • Funds dealing • Investment sccounting, • Corporate trust services • Fund sccounting, CACEIS • Performance attribution • Derivatives clearing, Caceis Investor Services • Proxy voting • Transaction cost analyis 1-3, place Valhubert • Compliance monitoring • Asset pooling 75206 Paris Cedex 13, France • Fund admin services • Performance attribution tel: +33 1 57 78 00 00 • Transfer agency • Proxy voting web: www.caceis.com • Distribution support • Compliance monitoring • Transition management • Fund admin services Senior executives: • Transfer agency François Marion (Paris) CITI • Distribution support Chief executive officer Citibank Global Transaction Services • Transition management Jean-Pierre Michalowski (Paris) Citigroup Centre Deputy chief executive officer Canada SquareBOISS José-Benjamin Longree (Luxembourg) London E14 5LB, UKBank of Ireland Securities Services Deputy chief executive officer tel: +44 20 7500 5000New Century House Sylvie Philippot (Paris) web: www.transactionservices.citi.comMayor Street Lower, IFSC Deputy chief executive officer Senior executives:Dublin 1, Ireland Andrew Gelb (London)web: www.boiss.com AuC domiciled in Europe: Head of EMEA securities & funds services 61
  • 8. CUSTODY DIRECTORYChandresh Iyer (New York) Products/services for (further) development IRE HSBC Bank plc (Equities) Global product head of global custody and over the next 12 months: Euroclear (Debt) investment administration services • Integrated custody Italy BNP Paribas Securities ServicesNick Titmuss (London) • Carbon custody LAT AS SEB Banka Emea regional global custody product head • Collective investment services LTU SEB Vilniaus BankasTerry Alleyne (London) • Collateral management LUX Clearstream Banking Emea global custody business management • Middle East expansion NED Fortis Bank (Nederland) NV • Wealth management NOR DnB NOR ASAAuC domiciled in Europe: • FX passive hedge POL ING Bank Slaski28 years POR Banco Santander De NegociosEuropean custody as % of business: 10.8% Services offered in addition to custody: ROM ING Bank NV Bucharest Branch(Global transaction business level) • Securities lending SLO UniCredit Banka Slovenija d d • Equity finance SVK Ceskoslovenska Obchodna Banka ASEuropean sub-custody provided by: • Cash management SPA BNP Paribas Securities ServicesAUT Citibank NA • Collateral management SWE Skandinaviska Enskilda BankenBEL Citibank International plc • Prime brokerage SWi UBS AG and Credit SuisseBUL ING Bank • Tax reclamation UK HSBC Bank plcCRO Privredna Banka • Commission recaptureCYP Hellenic Bank Limited • Alternative investment services Global custody by asset class:CZE Citibank Europe plc • European fiduciary services Figures are approximateDEN Nordea Bank • Middle-office services • Bond 58%EST Swedbank AS • OTC derivative services • Equity 35%FIN Nordea Bank • Foreign exchange services • Money market 3%FRA Citibank International plc • Tri-party repo agency services • Other 4%GER Citigroup Global Markets Deutschland • Performance attribution .GRE Citibank International plc • Proxy voting Domestic markets that are strategicallyHUN Citibank Europe plc • Compliance monitoring important in the near future:ICE Arion Bank HF/Clearstream Banking • Fund admin services • Middle East (capture new growth)IRE Citibank NA • Transfer agency • Offshore EuropeItaly Citibank NA • Distribution support (grow/scale existing business)JER Citibank NA • Transition management • Asia (maintain dominant position)LAT Swedbank ASLTU Swedbank AS HSBC Products/services showing the greatestLUX Clearstream Banking HSBC Securities Services increase in demand in past 12 months:NED Citibank International plc HSBC Bank plc • Prime services:NOR Nordea Bank 8 Canada Square joint venture with HSBC Global MarketsPOL Bank Handlowy w Warszawie SA London E14 5HQ, UK • Trade execution linked to custody andPOR Citibank International plc tel: +44 20 7005 8945 administration, esp. emerging marketsROM Citibank Europe plc web: www.hsbcnet.com/hss • Sharia-compliant productsSLO UniCredit BankaSVK Citibank Europe plc Senior executives: Products/services for (further) developmentSPA Citibank International plc Drew Douglas (London) over the next 12 months:SWE Citibank International plc Co-head of HSBC Securities Services • Asian global custodySWI Citibank NA Arjun Bambawale (London) • Middle-office servicesUK Citibank NA Regional head of custody, Europe • Fund services/global custody Mena Paul Stillabower (London) • ETF support in EuropeGlobal custody by asset class: Global head, business development fund services • Bond 73.5% Carole Anderson (London) Services offered in addition to custody: • Equity 24% Head, business development fund services Europe • Securities lending • Money market 1% • Equity finance • Private equity 1% AuC domiciled in Europe: 100 years • Cash management • Hedge fund 0.5% European custody as % of business: • Collateral management less than 5% • Prime brokerageDomestic markets that are strategically • Tax reclamationimportant in the near future: European sub-custody provided by: • Commission recapture • United Kingdom AUT Unicredit Bank AG • Alternative fund administration • Luxembourg BEL Fortis Bank (Nederland) NV • Broker custody • Ireland BUL ING Bank NV Sofia Branch • Outsourcing CRO Privredna Banka Zagreb dd • Derivatives and futures clearingProducts/services showing the greatest CYP HSBC Bank plc • Treasury managementincrease in demand in past 12 months: CZE UniCredit Bank Czech Republic, as • Equity and bond execution • Collective investment schemes services DEN Danske Bank • Liquidity funds • Custody for hedge funds and EST SEB Bank AS • Transaction cost measurement alternative investment services FIN Nordea Bank Finland plc • Performance attribution • Private banks custody solutions FRA CACEIS Bank • Proxy voting • Collateral management GER HSBC Trinkaus & Burkhardt • Compliance monitoring • On-exchange custody settlement services GRE HSBC Bank plc • Fund admin services HUN UniCredit Bank Hungary Zrt • Transfer agency62
  • 9. • Distribution support • Hedge fund <1% Managing director, Institutional Investor Group, • Transition management Emea Domestic markets that are strategically Sue Baines (London)JP MORGAN important in the near future: Senior vice president, head of global fundJP Morgan • UAE and Mena region in general Services Sales, Emea60 Victoria Embankment • NordicsLondon EC4Y 0JP, UK • Netherlands AuC domiciled in Europe: 41 yearstel: +44 20 7777 2000 European custody as % of business: 54%web: www.jpmorgan.com Products/services showing the greatest increase in demand in past 12 months: European sub-custody provided by:Senior executives: • Newcits and hybrid middle-office services AUT UniCredit Bank Austria AGConrad Kozak (New York) • White labelling custody services BEL ING Belgium SA/NV Managing director, global head of • OTC derivatives processing BUL ING Bank NV worldwide securities services • Second-generation outsourcing CRO Bank Austria Creditanstalt AGRob Ward (London) • AIFMD: moving or redomiciling CYP Citibank International plc Managing director, global custody CZE UniCredit Bank Czech Republic as product executive Products/services for (further) development DEN Nordea Bank Danmark A/SFrancis Jackson (London) over the next 12 months: EST Swedbank AS Managing director, Emea business • Execution-to-custody by single instruction FIN Nordea Bank Finland plc development executive • Strengthen asset pooling solution for FRA BNP Paribas Securities Services SAOliver Berger (Frankfurt) multinational pension funds GER Deutsche Bank AG Managing director, worldwide securities services • Functionality for robust counterparty GRE Citibank International PLC Germany, Austria, Switzerland & the Nordics exposure monitoring product HUN UniCredit Bank Hungary Zrt • Promote thought leadership in Emea ICE NBI hfAuC domiciled in Europe: 30 years • Enhance transfer agency model IRE Northern Trust Company, LondonEuropean custody as % of business: n/d • Enhance portfolio reporting ITA BNP Paribas Securities Services SA • Selectively extend local processing LAT Swedbank ASEuropean sub-custody provided by: capabilities in key European, Middle LTU SEB BankusAUT UniCredit Bank Austria AG Eastern, African and Asian markets LUX ING Belgium SA/NVBEL Fortis Bank (Nederland) NV NED Fortis Bank (Nederland) N.VBUL ING Bank NV Services offered in addition to custody: NOR Nordea Bank Norge ASACRO Privredna Banka Zagreb dd • Securities lending POL Bank Polska Kasa Opieki SACYP Marfin Popular Bank Public Co Ltd • Equity finance POR Banco Santander de NegociosCZE UniCredit Bank Czech Republic as • Cash management ROM ING Bank NVDEN Nordea Bank Danmark A/S • Collateral management SLO UniCredit Banka Slovenija d.dEST Swedbank AS • Prime brokerage SVK ING Bank NV Bratislava BranchFIN Nordea Bank Finland Plc • Tax reclamation SPA BNP Paribas Securities Services SAFRA BNP Paribas Securities Services SA • Commission recapture SWE Skandinaviska Enskilda Banken AB Société Generale • Hedge fund services SWI UBS AGGER Deutsche Bank AG • OTC derivative UK Northern Trust Company, LondonGRE HSBC Bank plc • Independent valuationHUN Deutsche Bank Zrt • Risk measurement (Measurisk) Global custody by asset class:ICE Islandsbanki hf • Custody connect • Equity 48%IRE Bank of Ireland • Foreign exchange trade execution • Fixed Income 34%ITA Intesa Sanpaolo SpA • Derivative collateral management • Cash and cash equivalents 8%LAT Swedbank AS • Private equity administration services • Securities Lending 3%LTU AB SEB Bankas • Property administration services • Other* 7%LUX BGL SA • Escrow servicesNED BNP Paribas Securities Services SA • Passive currency overlay clearance * incl. real estate, venture capital and partnerships,NOR Nordea Bank Norge ASA • Proxy voting commodities, other assets, restricted assets, derivative offsets,POL Bank Handlowy w. Warszawie SA • Compliance monitoring hedge fund, and liabilitiesPOR BNP Paribas Securities Services S.A • Fund admin servicesROM ING Bank NV • Transfer agency Domestic markets that are strategicallySLO UniCredit Banka Slovenija dd • Distribution support important in the near future:SVK UniCredit Bank Slovakia as • Transition management • USA (driven by recent tax changes)SPA Santander Investment, SA • Performance attribution • EU (Ucits IV and the AIFM Directive)SWE Skandinaviska Enskilda Banken AB • Middle East Nordea Bank AB (publ) NORTHERN TRUSTSWI UBS AG Northern Trust Products/services showing the greatestUK JPMorgan Chase Bank, NA 50 Bank Street increase in demand in past 12 months: Deutsche Bank AG London E14 5NT, UK • Risk/investment performance monitoring tel: +44 20 7982 2000 • Ucits regulated funds, esp. from FOHFGlobal custody by asset class: web: www.northerntrust.com • Middle office servicing • Bond 63.3 % Products/services for (further) development • Equity 34.7 % Senior executives: over the next 12 months: • Money market incl. with bond Biff Bowman (London) • Derivative pricing • Property <1% Executive vice president, Emea regional head • Real estate: enhanced admin services • Private equity <1% Penny Biggs (London) • Outsourcing, esp. relating to derivatives 63
  • 10. CUSTODY DIRECTORYServices offered in addition to custody: • Money market 21.58% LAT Swedbank AS • Securities lending • Alternative investment 10.70% LTU Swedbank AB • Cash management • Metals 2.50% LUX ING Belgium sa • Collateral management • Cash 1.74% NED KAS BANK NV • Tax reclamation • Others 7.26% NOR DnB NOR Bank ASA • Commission recapture POL Bank Polska Kasa Opieki SA • Performance attribution Domestic markets that are strategically POR BNP Paribas Securities Services • Proxy voting important in the near future: ROM UniCredit Tiriac Bank SA • Compliance monitoring • GCC region SLO UniCredit Bank Austria AG • Fund admin services • Asia SVK UniCredit Bank Slovakia as • Transfer agency • Eastern Europe SPA RBC Dexia Investor Services España • Distribution support SWE Svenska Handelsbanken • Transition management Products/services showing the greatest SWI Credit Suisse AG increase in demand in past 12 months: UK RBC Dexia Investor Services TrustPICTET • Currency hedge overlay solutionPictet & Cie • Fund administration Domestic markets that are strategicallyRoute des Acacias 60 important in the near future:1221 Geneva 73 Services offered in addition to custody: • ChinaSwitzerland • Securities lending • Braziltel: +41 58 323 2323 • Cash management • South Koreaweb: www.pictet.com • Collateral management • Tax reclamation Products/services showing the greatestSenior executives: • Commission recapture increase in demand in past 12 months:Marc Briol (Geneva) • Online access, • Back- and middle-office outsourcing Chief marketing officer, Pictet Custody Services • Accounting and currency overlay solutions (in Italy and Spain, for example)Gilles Paupe (Geneva) • Performance attribution • Risk management/regulatory reporting Chief marketing officer, Pictet Custody Services • Proxy voting • Derivatives • Compliance monitoring • Independent valuation of alternativesAuC domiciled in Europe: • Fund admin services • Tools such as collateral management,Global Custody: 31 years • Transfer agency currency overlay and managed accountsCustody: since bank established in 1805 • Transition management • Security lendingEuropean custody as % of business: n/d • Foreign exchange in emerging markets RBC DEXIA • Cash managementEuropean sub-custody provided by: RBC Dexia Investor Services • Hedging productsAUT Unicredit Bank Austria AG 71 Queen Victoria Street, 4th Floor • Investment financeBEL BNP Paribas Securities Services SA London EC4 V4DE, UKBUL ING Bank NV Sofia Branch , web: www.rbcdexia.com Products/services for (further) developmentCRO Zagrebacka Banka over the next 12 months:CYP Citigroup International PLC (Greece) Senior executives: • Single enhanced custody serviceCZE Ceskoslovenska Obchodni Banka AS Tony Johnson (London) • Robust multi-currency accountingDEN Nordea Bank Denmark A/S Global Head, sales & distribution • State of the art derivative pricing modelEST Seb Pank Simon Shapland (Luxembourg) • Expansion of web portalFIN Nordea Bank Finlad PLC Head, Europe, sales & distribution • Enhanced securities lending productFRA BNP Paribas Securities Services SA • Third-party lending:GER Deutsche Bank AG AuC domiciled in Europe: as RBC Dexia • Lender market expansionGRE Citigroup International PLC (Greece) Investor Services since January 2006. • Borrowing programmeHUN UniCredit Bank Hungary Zrt (predecessor RBC Global Services since 1986 andICE Islandsbanki Hf Dexia Fund Services since 1959) Services offered in addition to custody:IRE Euroclear Bank SA European custody as % of business: 32% • Securities lendingITA BNP Paribas Securities Services (2009) • Equity financeLAT As Seb Banka • Cash managementLTU SEB Bankas European sub-custody provided by: • Collateral managementLUX KBL AUT UniCredit Bank Austria AG • Tax reclamationNED BNP Paribas Securities Services Sa BEL ING Belgium SA • Foreign exchangeNOR Nordea Bank Norge ASA BUL UniCredit Bulbank AD • Investment analyticsPOL Bank Polska Kasa Opieki (Pekao SA) CRO UniCredit Bank Austria AG • Performance attributionPOR BNP Paribas Securities Services Sa CYP HSBC Bank plc • Proxy votingROM ING Bank NV Bucharest Branch , CZE UniCredit Bank Czech Republic as • Compliance monitoringSLO UniCredit Banka Slovenija d.d DEN Nordea Bank Danmark A/S • Fund admin servicesSVK Ceskoslovenska Obchodna Banka As EST Swedbank AS • Transfer agencySPA Santander Investment SA FIN Svenska Handelsbanken • Distribution supportSWE Skandinaviska Enskilda Banken FRA BNP Paribas Securities ServicesSWI Pictet & Cie GER Deutsche Bank AG SOCIETE GENERALE SSUK Euroclear Bank SA (UK & Ireland) GRE HSBC Bank Plc Greece Société Générale Securities Services HUN UniCredit Bank Hungary Zrt Immeuble CB3Global custody by asset class: ICE Islandsbanki hf 170, place Henri Regnault • Bond 24.2% IRE RBC Dexia Investor Services Trust 92043 Paris la Défense cedex • Equity 32.1% ITA BNP Paribas Securities Services France64
  • 11. tel: +33 1 56 37 37 32 • Cash management NED Deutsche Bank AGweb: www.sg-securities-services.com • Collateral management NOR SEB AB, Sweden (via Oslo) • Prime brokerage POL Bank Handlowy w Warszawie SASenior executives: • Tax reclamation POR BNP Paribas Securities Services, SAAlain Closier (Paris) • Commission recapture ROM ING Bank NV Global Head of Société Generale Securities Services • Execution services SLO UniCredit Banka Slovenija d.dBruno Prigent (Paris) • Sales trading and facilitation SVK Ceskoslovensk·obchodna banka, as Deputy Head of Société Generale Securities Services • Pair trading SPA Deutsche Bank SAE • Programme trading SWE Skandinaviska Enskilda Banken ABAuC domiciled in Europe: over 20 years • ETF distribution SWI UBS AG; Credit Suisse AGEuropean custody as % of business: n/d • Direct market access UK State Street UK • Algorithmic tradingEuropean sub-custody provided by: • Trade management Global custody by asset class:AUT Unicredit Bank Austria AG • Global clearing and settlement • Equity 47%BEL KBC Securities NV • Custody depositary and trustee services • Fixed income 39%BUL SG Express bank • Fund administration and asset servicing • Short term and other 14%CRO SG Spltska Banka DD • Fund distribution servicesCYP General Bk of Greece • Liquidity management services Domestic markets that are strategicallyCZE SG Komercni Banka • Global issuer services important in the near future:DEN Handelsbanken • Performance attribution • ChinaEST Nordea BK Finland plc • Proxy voting • FranceFIN Svenska Handelsbanken Helsinki • Compliance monitoring • United KingdomFRA SG Paris • Fund admin servicesGER SG Frankfurt • Transfer agency Products/services showing the greatestGRE Genral Bk of Greece • Transition management increase in demand in past 12 months:HUN Unicredit Bank of Hungary • Servicing alternativesICE RBC Dexia investors services STATE STREETIRE SG Dublin State Street Corporation Products/services for (further) developmentITA SGSS SpA 20 Churchill Place over the next 12 months:LAT Swedbank Canary Wharf • Support for investing globallyLUX Ste Generale Bank and Trust SA London E14 5HJ, UK • Retirement savingsNED SG Paris tel: +44 20 3395 7000 • OutsourcingNOR Handelsbanken web: www.statestreet.com • Responding to industry consolidationPOL SG Spolka AKCY /NAPOR Banco Comercial Portugues Senior executives: Services offered in addition to custody:ROM BRD Groupe Société Générale Joseph Antonellis (London) • Securities lendingSLO SKB Banka DD Vice chairman • Equity finance Unicredit Bank Austria AG Stefan Gmür (Munich) • Cash managementSVK Ceskoslovenska Obchodna Banca Executive vice president • Collateral managementSPA SG branch Espana Steven Smit (London) • Tax reclamation Santander Invest Services SA Senior managing director • Commission recaptureSWE Swenska Handelsbanken Willie Slattery (Dublin) • Derivative servicingSWI SG Paris (Zurich) Executive vice president • Hedge fund servicing Banca del Ceresio; • Network management Credit Suisse London AuC domiciled in Europe: 35 years plus • Middle-office outsourcingUK SG : JP Morgan Chase Bank, NA European custody as % of business: 86% • Risk analytics • Pension poolingGlobal custody by asset class: n/d European sub-custody provided by: • Trade execution AUT UniCredit Bank Austria AG • Performance attributionDomestic markets that are strategically BEL Deutsche Bank AG, Netherlands • Proxy votingimportant in the near future: (through Amsterdam & Brussels) • Compliance monitoring • Luxembourg BUL ING Bank NV • Fund admin services • Germany UniCredit Bulbank AD • Transfer agency • Italy CRO Privredna Banka Zagreb dd • Distribution support Zagrebacka Banka dd • Transition managementProducts/services showing the greatest CYP BNP Paribas Securities Services, SA,increase in demand in past 12 months: (through Athens branch) SWEDBANK • OTC complex product pricing CZE Ceskoslovensk obchodna banka, a.s Swedbank AB (Publ) • Performance measurement analysis and DEN SEB AB, Sweden (via Copenhagen) SE-105 34 Stockholm, Sweden attribution EST AS SEB Pank tel: +46 8 5859 00 00 • Paying/transfer agent liquidity FIN SEB AB, Sweden (via Helsinki) web: www.swedbank.commanagement FRA Deutsche Bank AG, Netherlands • Securities lending (through Amsterdam & Brussels) Senior executives: • Forex GER Deutsche Bank AG Ola Laurin (Stockholm) • OPCI GRE BNP Paribas Securities Services, S.A Head of securities servicesProducts/services for (further) development HUN UniCredit Bank Hungary Zrt Sofia Branfelt (Stockholm)over the next 12 months: ICE NBI hf Head of global custody and network • Class actions services IRE Bank of Ireland Neal Meacham (Stockholm) ITA Deutsche Bank SpA Head of client relations, securities servicesServices offered in addition to custody: LAT AS SEB Banka Tiina Norberg (Stockholm) • Securities lending LTU AB SEB Bankas Head of sub-custody 65
  • 12. CUSTODY DIRECTORYAuC domiciled in Europe: c. 30 years • Compliance monitoring POL SIX SIS AGEuropean custody as % of business: 2% • Fund admin services (Bank Handlowy W, Warsaw) • Transfer agency POR Millennium BCP, LisbonEuropean sub-custody provided by: • Distribution support SVK UniCredit Bank Austria AGWe use JP Morgan as a global custodian and • Transition management (Unicredit Bank Slovakia, Bratislavaleverage their network of sub-custodians. In ROM UniCredit Bank Austria AGaddition, we have appointed sub-custodians in the UBS AG (UniCredit Tiriac Bank, Bucharest)following Nordic markets directly for our retail Bahnhofstrasse 45 SLO UniCredit Bank Austria AGand prop business: Denmark, Norway and P.O. Box (UniCredit Banka Slovenija d.d.)Finland. In addition, in line with our ambition of 8098 Zurich SPA Citibank Intl. PLC, Madridbeing a CEE gateway, we have appointed sub- Switzerland SWE SIX SIS AGcustodians in the following CEE markets directly: tel: +41 44 234 11 11 (Skandinaviska Enskilda, Stockholm)Estonia, Latvia, Lithuania, Bulgaria, Bosnia and web: www.ubs.com SWI SIX SIS AGHerzegovina, Croatia, Czech Republic, Hungary, UK SIX SIS AGKazakhstan, Macedonia, Montenegro, Poland, Senior executives: (BNP Paribas SS London)Romania, Russia, Serbia, Slovak Republic, Lukas Gähwiler (Zurich)Slovenia, Ukraine. CEO UBS Switzerland Global custody by asset class:BOS Raiffeisen Bank Jürg Zeltner (Zurich) • Bond 24%BUL ING Bank CEO UBS Wealth Management • Equity 38%CRO Nova Ljbuljanska Josef Landolt (Zurich) Head securities services • Money market 2%CZE Clearsteam BankDEN VP Endo Baumgartner (Zurich) • Property 1%EST Swedbank Head global custody • Hedge fund 5%FIN Pohjola Bank PLC • ETF 20%HUN ING Bank AuC domiciled in Europe: global custody • Other 10%LAT Swedbank since 1999; pre-merger banks since 1965LTU Swedbank Domestic markets that are strategicallyNOR DNB Nor ASA European custody as % of business: n/a important in the near future:POL Bank Handlowy • SwitzerlandSER Raiffeisen Bank European sub-custody provided by: • EuropeROM ING Bank AUT SIX SIS AG • APACSVK Clearstream Bank (OeKB, Vienna)RUS ING Bank BEL SIX SIS AG Products/services showing the greatestSLO Nova Ljubljanska (BNP Securities Services, Brussels) increase in demand in past 12 months:UKR ING Bank BUL UniCredit Bank Austria AG • Top-end investment reporting and risk (UniCredit Bullbank Sofia) analysis capabilitiesGlobal custody by asset class: CRO UniCredit Bank Austria AG • Efficient processing and reporting of • Bond 30 % Zagrebacka Banka, Zagreb) alternative investments • Equity 60 % CYP Citibank, Athens • Private-labelled fund solutions • Hedge fund 10 % CZE SIX SIS AG • Enhanced cash and liquidity management (Citibank, Prague) • Collateralisation for securities lendingDomestic markets that are strategically DEN SIX SIS AG • Combination of global custody andimportant in the near future: (Nordea Bank Danmark A/S) passive asset management mandates • China A EST SIX SIS AG • Micex (Russia) (Nordea Bank Finland plc, Helsinki) Products/services for (further) development • Middle East FIN SIX SIS AG over the next 12 months: (Nordea Bank Finland Plc, Helsinki) • Risk analysis capabilities of our onlineProducts/services showing the greatest FRA SIX SIS AG tools (multifactor risk analysis)increase in demand in past 12 months: (BNP Paribas, Paris) • Multi-booking center capabilities. • Prime services GER Clearstream Banking, Frankfurt • Fund admin services incl TA GRE Citibank, Athens Services offered in addition to custody: • Compliance monitoring GUE HSBC Securities Services (Guernsey) • Securities lending HUN Citibank, Budapest • Performance attributionProducts/services for (further) development ICE Clearstream Banking SAover the next 12 months: IRE SIX SIS AG • Proxy voting • Third-party fund admin services incl. TA, (Bank of Ireland, Dublin) • Cash management • Nordic/Baltic global custody and fund ITA BNP Paribas, Milan • Compliance monitoring administration offering JER UBS AG, St. Helier • Collateral management LAT SIX SIS AG • Fund admin servicesServices offered in addition to custody: (Nordea Bank Finland Plc, Helsinki) • Prime brokerage • Securities lending LTU SIX SIS AG • Transfer agency • Equity finance (Nordea Bank Finland Plc, Helsinki) • Tax reclamation • Cash management LUX Kredietbank SA Luxembourgeoise • Distribution support • Collateral management Clearstream Banking SA • Commission recapture • Tax reclamation NED SIX SIS AG • Transition management • Commission recapture (Euroclear Netherlands, Amsterdam) • Detailed reporting including online tools • Performance attribution NOR SIX SIS AG • Investment accounting • Proxy voting (Den Norske Bank, Oslo) • Stamp Duty Service66

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