Global Custody Survey Universe

Consolidation Trend Continues
in the
Global Custody Industry

Year indicated below is the data collection period which ends by the 4th quarter of each year.  Buttonwood's annual survey of global custodians - now in its ninth year - was completed in December 2001. 

Most current survey results may be found at Buttonwood International.

Global Custodian 2001 2000 1999 1998 1997 1996 1995 1994 1993

ABN AMRO Mellon

Yes Yes Yes
See Note 1.
Yes Yes Yes

Banca Commerciale Italiana

Yes

Bank of America

See Note 2. Yes

The Bank of Bermuda Limited

Declined
See Note 3.
Yes Yes Yes Yes

Bank of Boston

Yes

The Bank of New York

Declined Yes Declined Yes Yes Yes Yes

Bankers Trust Company

See Note 4. Yes Yes Yes Yes Yes Yes

Barclays Bank PLC

See Note 5. Yes Yes Yes

BNP Paribas

Yes Yes Yes Yes Yes Yes

Brown Brothers Harriman

Yes Yes Yes Yes Yes Yes

Chemical Bank Geoserve, U.K.

Yes
See Note 6.
Yes Yes

Citibank, N.A.

Declined Yes Yes Yes Yes

Deutsche Bank

Yes Yes Yes
See Note 4.
Yes

Fiduciary Trust Company, International

Yes Yes

HSBC

Declined Declined

Investors Bank & Trust

Yes Yes Yes Yes Yes Yes Yes Yes

JP Morgan
(formerly Chase Manhattan Bank)

Yes Yes Yes Yes Yes Yes Yes Yes Yes

J.P. Morgan

See Note 7. Yes Yes

Lloyds Bank Securities Services

See Note 8. Yes Yes Yes Yes

Mellon Global Securities Services

Yes Yes Yes Yes Yes Yes

Midland Securities Services

Yes Yes

Morgan Stanley Global Custody

See Note 9. Yes Yes Yes Yes Yes

The Northern Trust Company

Yes Yes Yes Yes Yes Yes Yes Yes Yes

Royal Bank of Scotland

Yes Yes

RBC Global Services
(formerly Royal Trust)

Yes Yes Yes Yes Yes Yes Yes

State Street Corporation

Yes Yes Yes Yes Yes Yes Yes

Union Bank of California

Yes
Global Custodian 2001 2000 1999 1998 1997 1996 1995 1994 1993


Indicates bank either exited the global custody business or not considered a major player.   

Note 1.  In 1998, Mellon Bank Corp. and ABN AMRO Bank N.V. created a joint venture, named ABN AMRO Mellon Global Securities Services (AAMGSS).
Note 2. Bank of America's custody assets acquired by Bank of New York in 1995.
Note 3.  Bank of Bermuda declined to participate because they are "...firstly an administrator for specialist funds like hedge funds and private equity funds, and a custodian second."
Note 4.  In 1999, Deutsche Bank AG acquired Bankers Trust Corp.
Note 5. Significant amount of Barclays' custody assets acquired by Morgan Stanley Global Custody in 1997.
Note 6. Chemical Bank merged with Chase Manhattan, N.A. in 1995.
Note 7. JP Morgan custody assets acquired by Bank of New York in 1995.   In 2001, JP Morgan & Co. merged with The Chase Manhattan Bank,
Note 8.  In 1999, Lloyds TSB Securities Services exited the institutional custody, unit trusteeship and depository business.

Note 9. Morgan Stanley's custody business acquired by The Chase Manhattan Bank in 1998.

© Copyright 1994-2004 Buttonwood International, All Rights Reserved.
14 Wall Street, 20th Floor
New York, N.Y. 10005 U.S.A.