of the Year
The accolades keep rolling in for this firm. RBC Dexia was established in January 2006 as a joint venture between Royal Bank of Canada and Dexia, offering investor services.
“They have grown and stayed number one,” commented a funds europe judge. “They have kept people through the merger and continued pushing the business forward.”
As with its administration capability (which is acknowledged with an awards nomination, see p17) the firm excels at delivering service. Client satisfaction is reflected in RBC Dexia’s ranking top in the R&M Consultants survey for the third time in 2007 for its overall quality of service.
The firm was also noted for its broad European coverage. RBC Dexia says that its European advantage lies in the ability to help clients maximise their growth potential by facilitating distribution of their products on a global scale. This year, RBC Dexia commissioned the first European survey on fund distributors’ operational challenges. Results were shared with a number of market participants to help support the development and adoption of best-in-class standards that benefit the entire market, the firm said.
In 2006 revenue growth increased by 24% and assets under administration increased 28%, while 264 new mandates were signed. Q3 results this year were also upbeat, according to Royal Bank of Canada’s financial reports. Net income in the bank’s US & International Banking division increased 6% from last year partly as a result of strong revenue growth in RBC Dexia Investor Services. RBC Dexia IS revenue was up 38% due to some degree to strong market activity and the acquisition of new clients.
Northern Trust (Special Commendation)
Click on the play button on the left to watch a video of the award presentation.
Northern Trust is commended on the basis of what one judge referred to as “good people hires”. Other judges noted the custodian’s thought leadership and commitment to client service. It was also stated that Northern Trust gives a strong focus on existing clients through client support groups rather than relentlessly pursuing growth. The firm’s success in the UK local authority market – which covers 33% of the sector – also stood out, as did its growing business in Scandinavia, where clients include Oslo Pensjonsforsikring. The firm was able to provide good client citations.
JP Morgan Worldwide Securities Services
JPMWSS became the first third-party administrator to amass $300bn in assets under administration in Luxembourg in 2007 and over $400bn in assets under custody. The firm spent $600m on major technology enhancements this year, which included an upgrade to its corporate action services. It also expanded into private equity administration and leveraged loans. With 2000 Europe-based custody specialists, around 300 client names in the region and a global processing hub centred here, JPMWSS is a major name.
Société Générale Securities Services
SGSS demonstrated its commitment to the industry with the acquisition of UniCredit’s securities services division in 2006 and recently announced the acquisition of the fund administration and middle office of Pioneer Investments to reinforce its position in Germany. SGSS has a strong local presence through subsidiaries in countries as diverse as Bulgaria and the Czech Republic.