September 2007

FUND CUSTODY: Directory

BNY Mellon Asset Servicing, Brown Brothers Harriman, Caceis, Citi, HSBC Securities Services, JPMorgan Worldwide Securities Services, KAS Bank NV, Northern Trust, Societe Generale Securities Services (SGSS), State Street

BNY Mellon Asset Servicing
160 Queen Victoria Street
London, EC4V 4LA
UK

Phone: +44 207 163 5566
Website: www.bnymellon.com
Senior executives: Nadine Chakar, Tim Keaney
Country of origin: USA
Length of time in Europe: provided global custody services since 1968
European subcustody network:
HVB Bank Biochim, Sofia
Zagrebacka Banka DD
Citibank
SEB
Nordea Bank Finland
EFG Eurobank Ergasias SA
HVB Bank Hungary Rt
Glitnir Banki
Mellon Bank, NA
Banque Generale du Luxembourg SA
ABN AMRO Bank NV
Nordea Bank Norge ASA
Bank Handlowy w Warszawie SA
HVB Bank Romania SA
HVB Bank Slovakia
Bank Austria AG
UBS Zurich
ING Belgium SA/NV
ING Bank NV
Privredna banka Zagreb DD
BNP Paribas Securities Services, Athens
ING Bank NV Prague
Danske Bank
Banco de la Produccion SA
Hansabank Ltd
Euromarket Clearstream Banking Luxembourg
Euromarket Euroclear Bank
Nordea Bank Finland
BNP Paribas Securities Services/CACEIS Bank;
BHF-BANK AG
ING Bank (Hungary) Rt.
Landsbanki Islands
SEB Vilniaus Bankas
Banque et Caisse d’Epargne de l’Etat
HSBC Bank Malta
ING Bank Slaski, Banco Comercial Português, ING Bank Bucharest
Banco Bilbao Vizcaya Argentaria SA/Santander Investment, SA
Skandinaviska Enskilda Banken, Credit Suisse, Zurich
Garanti Bank
ING Bank Ukraine.
Business split: custody for funds represents approximately one third of BNY Asset Servicing’s global custody franchise
Assets under custody in Europe:
2007: e474.8bn
31.12.2006: e453.3bn
31.12.2005: e330.8bn
31.12.2004: e153.2bn
31.12.2003: e143.7bn
31.12.2002: e120bn
Products and services that have seen the greatest increase in demand over the past twelve months:
Multinational pooling
Proxy voting and class action administration
OTC valuation
Regulatory reporting
Securities lending
Cash management
Private equity valuations
Products and services to be developed over the next twelve months:
Extending risk reporting capabilities
Ongoing enhancements to regulatory reporting offering
Enhancements to Workbench, including integration of Client Report Writers functionality
Hedge fund administration capabilities
Online Corporate Actions
Extended Archiving of Online Accounting Data
SWIFT Messaging
Global Risk Services. 
 
Brown Brothers Harriman
140 Broadway
10005
New York, USA
Phone: 212 493 1818
Website: www.bbh.com
Email[email protected]
Senior executives: Geoffrey Cook, Daniel Genoud, Paul Donnelly, Richard Fodder
Country of origin: United States
Length of time in Europe: 79 years
European subcustody network: Not disclosed
Business split: Over 50% is funds custody
Assets under custody in Europe:
2007: e282,323m
31.12.2006: e261,280m
31.12.2005: e183,645m
31.12.2004: e111,370m
31.12.2003: e89,906m
31.12.2002: e72,246m
Fund custody by asset class:
Bond: 25%
Equity: 67%
Balanced: Not disclosed
Money market: 2%
Property: Not disclosed
Hedge funds: 5%
Mutual Funds: 5%
Derivatives: 1%
 
Caceis
1-3 Place Valhubert
75006
Paris
France
Phone: +33 1 57 78 00 00
Website: www.caceis.com
Email: [email protected]
Senior executives: Francois Marion, Michel Bois, Guillaume Fromont, Jose-Benjamin Longree
Country of origin: France
Length of time in Europe: since mid 1980s
European subcustody network: Caceis has an extensive subcustody network covering over 70 countries worldwide and in all our European countries but does not disclose subcustody arrangements.
Business split: 66% of 2006 total net banking income sourced from funds custody
Assets under custody in Europe:
2007: e1 924 400m
31.12.2006: e1 786 600m
31.12.2005: e1546 877
31.12.2004: e648 647m
31.12.2003: e600 833m
31.12.2002: N/A
 
Citi
Citigroup Centre
Canada Square
Canary Wharf
London, E14 5LB
United Kingdom
Phone: +44 207 986 6000
Website: www.citi.com
Email: [email protected]
Senior executives: Robert Wallace, Malcolm Butler, Bernard Hanratty, Nick Titmuss
Country of origin: United States
Length of time in Europe: 25 years
European subcustody network:
Austria – Citi Milan
Belgium – Fortis Bank Nederland NV
Bosnia – Bank Austria Creditanstalt
Bulgaria – ING Bank, Sofia
Croatia – Privredna Bank, Zagreb
Cyprus – Hellenic Bank, Nicosi
Czech Republic – Citbank NA Prague
Denmark – Nordea Bank, Denmark
Estonia – Hansabank AS, Tallinn
Finland – Nordea Bank, Finland
France – Citi Paris
Germany – Citi Frankfurt
Greece – Citi Athens
Hungary – Citi Budapest
Iceland – Arion Custody Services
Ireland – Citi Ireland
Italy – Citi Milan
Kazakhstan – SB HSBC Bank Kazakhstan
Latvia – Hansabanka AS, Riga
Lithuania – Hansbankus, Vilnius
Malta – HSBC, Malta
Netherlands – Citi, Amsterdam
Norway – Nordea Bank, Oslo
Poland – Bank Handlowy w Warszawie SA
Romania – Citi, Bucharest
Russia – Citi, Russia
Serbia – Bank Austria Creditanstalt
Slovakia – Citi Bratislava
Slovenia – Bank of Austria Creditanstalt dd Ljubljana
Spain – Citi, Madrid
Sweden – Citi, Sweden
Switzerland – Citi, Zurich
United Kingdom – Citi, London
Clearstream
Euroclear
Business split: 27% of the total GTS business is funds custody
Assets under custody in Europe:
2007: not disclosed
31.12.2006: e660bn
31.12.2005: e398bn
31.12.2004: e352bn
31.12.2003: e239bn
31.12.2002: e126bn
Products and services that have seen the greatest increase in demand over the past twelve months:
REITS
Private equity
Alternative investments
Class actions
Issues and challenges that have been met in the past twelve months:
Continued to build out middle office solutions
Standardising service offerings while remaining client focused
Issues and challenges to be met in the next twelve months:
Continue to develop alternative fund services business in order to provide asset managers with innovative solutions which enable them to separate investment alpha from market beta
Expanding breadth of product offering while putting more
Business (existing capabilities) onto our platforms
 
HSBC Securities Services
8 Canada Square
E14 5HQ
Phone: +44 0207 005 8945
Website: www.hsbcnet.com/hss
Email: [email protected]
Senior executives: Tim Howell, Mike Martin, Ian Stephenson, Paul Stillabower
Country of origin: UK
Length of time in Europe: over 100 years
European subcustody network:
Bank Austria Creditanstalt AG
Fortis Bank (Nederland) NV
ING Bank Sofia
Privredna Banka, Laiki Bank Ltd
HVB Bank Czeck Republic AS
Danske Bank
Hansa Bank
Euroclear
Clearstream
Nordea Bank Finland, Caceis Bank, Deutsche Bank, HSBC Bank, Unicredit Bank Hungary ZRD
Landsbanki
HSBC’s Institutional Fund services via Crest
Bank Leumi-Israel BM, Intessa Sanpaolo Spa
HSBC Bank Kazakhstan Joint Stock Company
SEB Latvijas Unibanka
SEB Vilniaus Bankas
Clearstream Banking
HSBC Bank Malta
Fortis Bank Nederland
DnB Nor Asa
ING Bank Slaski
Banco Espirito Santo SA
ING Bank Eurasia ZAO
Ceskoslovenska Obchodna Banka AS
Bank Austria Creditanstalt
BNP Paribas
Skandinaviska Enskilda Banken A/S
UBS AG
HSBC Bank AS
HSBC Bank
Business split: Less than 5% of global business is funds custody
Assets under custody in Europe:
2007: not disclosed
31.12.2006: e2,223,616m
31.12.2005: e1,760,762m
31.12.2004: e1,571,408m
31.12.2003: e1,178,059m
 
JPMorgan Worldwide Securities Services
125 London Wall
London, EC2Y 5AJ
United Kingdom
Phone: +44 207 325 3742
Website: www.jpmorgan.com/wss
Email: [email protected]
Senior executives: Francis Jackson, Susan Ebenston, Liz Nolan, Rajen Shah
Country of origin: USA
Length of time in Europe: 28 years
European subcustody network:
Austria: Bank Austria Creditanstalt AG, Vienna
Belgium: Fortis Bank (Nederland) NV, Amsterdam
Bulgaria: ING Bank NV, Sofia
Croatia: Privredna banka Zagreb dd, Zagreb
Cyprus: Marfin Popular Bank Public Company, Nicosia
Czech Republic: HVB Bank Czech Republic as, Prague
Denmark. Danske Bank A/S, Copenhagen
Estonia: Hansabank, Tallinn
Finland: Skandinaviska Enskilda Banken AB (publ), Helsinki
France: BNP Paribas Securities Services SA, Paris
France: Société Générale, Paris
Germany: Deutsche Bank AG, Frankfurt
Greece: HSBC Bank, Athens
Hungary. Deutsche Bank Zrt, Budapest
Iceland: Glitnir banki hf, Reykjavik
Ireland: Bank of Ireland, Dublin
Italy: Intesa Sanpaolo SpA, Milan
Latvia: Hansabanka, Riga
Lithuania: SEB Vilniaus Bankas, Vilnius
Luxembourg: Fortis Banque Luxembourg SA, Luxembourg
Malta: HSBC Bank Malta, Valletta
Netherlands: KAS Bank NV, Amsterdam
Norway: DnB NOR Bank ASA, Oslo
Poland: Bank Handlowy w. Warszawie SA, Warsaw
Portugal: Banco Espirito Santo, SA, Lisbon
Romania: ING Bank NV, Bucharest
Russia: JPMorgan Bank International, Moscow
Russia: ING Bank (Eurasia) ZAO, Moscow
Serbia. UniCredit Bank Srbija ad, Belgrade
Slovak Republic: UniCredit Bank Slovakia as, Bratislava
Slovenia: Bank Austria Creditanstalt dd, Ljubljana
Spain: Santander Investment SA, Madrid
Sweden: Skandinaviska Enskilda Banken AB (publ), Stockholm
Switzerland: UBS AG, Zurich
Turkey: Citibank AS, Istanbul
Ukraine: ING Bank Ukraine
United Kingdom: JPMorgan Chase Bank NA, London
Business split: Funds custody is 5.1%
Fund assets under custody in Europe:
2007: e257,451m
31.12.2006: e244,140m
31.12.2005: e197,496m
31.12.2004: e164,306m
31.12.2003: e134,004m
31.12.2002: e105,222m
 
KAS Bank NV
Spuistraat 172
1012 VT
Amsterdam
The Netherlands
Phone: +31 20 557 5911
Website: www.kasbank.com
Email: [email protected]
Senior executives: Hans Kadiks, Egon Tibboel, Laurens Vis
Country of origin: The Netherlands
Length of time in Europe: 20 years
European subcustody network:
Santander Investment SA
Bank Austria Creditanstallt AG (Austria, Croatia, Romania, Slovakia, Slovenia)
Euroclear Bank
BNP Paribas Securities Services (Greece)
HVB Chec Republic AS
Danske Bank
Hansa Bank (Estonia, Latvia)
Svenska Handelsbanken (Finland, Zweden)
HVB Bank Hungary RT
Arion Custody Services Reikjavic
Intesa San Paolo SPA
Den norske Bank
Bank BPH Warschau
Banco Espirito Santo SA
Raiffeisen Zentral Bank (Russia)
Business split: Funds custody is 10%
Fund assets under custody: not disclosed
 
Northern Trust
50 Bank Street
London, E14 5NT
United Kingdom
Phone: +44 207 982 2000
Website: www.northerntrust.com
Email: [email protected]
Senior executives: Steve Potter, Wilson Leech, Penelope Biggs, Biff Bowman
Country of origin: United States
Length of time in Europe: 38 years
European subcustody network:
Bank Austria Creditanstalt AG (Austria)
ING Bank Belgium SA/NV (Belgium)
ING Bank NV (Bulgaria)
Zagrebacka Banka dd (Croatia)
HVB Bank Czech Republic as (Czech Republic)
Nordea Bank (Denmark)
AS Hansabank (Estonia)
Euroclear Bank
Nordea Bank Finland plc (Finland)
BNP Paribas Securities Services SA (France)
Deutsche Bank AG (Germany)
Citibank International (Greece)
Citibank Zrt (Hungary)
Landsbanki Islands hf (Iceland)
BNP Paribas Securities Services SA (Italy)
HSBC Bank Kazakhstan JSC (Kazakhstan)
Hansabank A/S (Latvia)
SEB Vilniaus Bankas AB (Lithuania)
ING Bank Belgium SA (Luxembourg)
HSBC Bank Malta (Malta)
Fortis Bank NV (Nederland)
Nordea Bank Norge ASA (Norway)
Bank BPH SA (Poland)
Banco Santander de Negocios (Portugal)
ING Bank NV (Romania)
ING Bank (Eurasia) ZAO (Russian Federation)
HVB Bank Serbia and Montenegro (Serbia and Montenegro)
ING Bank NV Bratislava Branch (Slovakia)
Bank Austria Creditanstalt Ljubljana (Slovenia)
BNP Paribas Securities Services SA (Spain)
Skandinaviska Enskilda Banken AB (Publ) (Sweden)
UBS AG (Switzerland)
ING Bank Ukraine (Ukraine)
Business split:
51% is funds custody, measured by revenue
Fund assets under custody in Europe:
2007: e291,427m
31.12.2006: e291,427m
31.12.2005: e296,200m
31.12.2004: prior data not available
31.12.2003: prior data not available
31.12.2002: prior data not available
Third-party fund custody by asset class:
Bond: 14.2%
Equity: 27%
Balanced: Not disclosed
Money market: Not disclosed
Property: Not disclosed
Hedge funds: Not disclosed
Short Duration: 11%
Other: 47.9% (real estate & farm, global custody assets, mortgages, notes, contracts, sundry assets & liabilities)
Products and services that have seen the greatest increase in demand over the past twelve months:
Fund administration in Europe – traditional and alternative
Fund of hedge funds
Property funds
Management company services
Pooling solutions
Investment management outsourcing
Full hedge fund back office outsouring
Securities lending
Transition management
Daily attribution and performance
Increased convergence of long and alternative investments
Independent OTC derivate valuations
OTC collateral management
Value at Risk reporting for alternative assets
Products and services to be developed over the next twelve months:
Continual investment in derivative capability that can service the three core businesses: fund administration, investment operations, outsourcing and global custody
Reporting and performance reporting of derivatives
The provision of outsourced daily performance reporting for investment managers 
Automation of the fund of hedge fund transactional process and reporting  cycle
Deployment of a data warehouse for investment manager outsourcing clients 
Development and broadening of country-specific customised securities lending programmes
Automation of mutual fund share dealing
 
Societe Generale Securities Services (SGSS)
52-56 rue de la Victoire
75009
Paris
France
Phone: +33 153054780
Website: www.sg-secruties-services.com
Email: [email protected]
Senior executives: Bruno Prigent, Etienne Deniau, Sebastian Danloy, Serge Jacqueline, Gert Rautenberg
Country of origin: France
Length of time in Europe: 142 years
European subcustody network:
Most of its European network of subcustody network is managed internally
Business split:
Not disclosed
Fund assets under custody in Europe:
2007: e2,448,000m
31.12.2006: e2,262,000m
31.12.2005: e1,418,800
31.12.2004: e1,114,839m
31.12.2003: e1,023,015m
31.12.2002: e863,523m
Products and services that have seen the greatest increase in demand over the past twelve months:
Pan-European paying and representative agency
Products and services to be developd over the next twelve months:
OTC derivatives pricing and middle-office
Global transfer agency
Class actions
Issues and challenges that have been met in the past twelve months:
Roll-out of pan-European global custody platform
 
State Street
State Street Financial Center
One Lincoln Street
02111
Boston, MA
United States
Phone:  617 786 3000
Website: www.statestreet.com
Email: [email protected]
Senior executives: James Phalen, William Slattery, Timothy J Caverly, Michael Walsh
Country of origin: United Statse
Length of time in Europe: 25 years
European subcustody network:
Not disclosed
Business split: 85% is funds custody
Fund assets under custody in Europe:
2007: not disclosed
31.12.2006: e1,379,000m
31.12.2005: e1,221,000m
31.12.2004: e1,038,000m
31.12.2003: not disclosed
31.12.2002: not disclosed
Challenges over the next twelve months:
Financial services companies around the world are faced with rising regulatory scrutiny and the related cost of compliance. Companies have to re-evaluate their business processes, policies and conduct.

© fe September 2007