head of custody operations
In the past year, global custodians
continued to be challenged by the long-term emphasis on maximising efficient,
cost-effective service delivery for standard and new product types, along with
the shorter term adjustments required by volatile markets.
We expect market
turmoil will continue through the rest of 2008, while over the longer term,
client demands will become more rigorous and ongoing consolidation among
institutional providers will continue. Our business success will continue
because of our focus on implementing innovative solutions for our clients as a
worldwide provider of integrated technology, business intelligence, and
processing services to asset managers, broker/dealers and financial advisors.