State Street wins favour
State Street was the only bank to see its year on year score increase with a marked improvement pushing them up into first place in this year’s survey, although the gap between them and second placed JP Morgan is very small.
“There have been a number of changes at State Street Trustees in the last year or so,” said Richard Hogsflesh, R & M’s managing director, “and they have resulted in the improvement in scores. The 21st century trustee is a much more proactive person, engaging with the fund manager, advising, supporting but still monitoring his activities to ensure they comply with all relevant laws and policies. JP Morgan have set the standard in this area and now the others are catching up.”
One of State Street’s clients commented “We have seen a marked improvement in the State Street service this year. The introduction of a dedicated relationship manager that meets with us on a monthly basis has resulted in a significant improvement in the service.” Another observed that “Although we have marked the State Street service as stayed the same, we have seen a number of positive initiatives being kicked off recently by the Relationship Manager which will further enhance the service we receive.”
The biggest decline was made by HSBC although not one client noted that there had been a deterioration in service so the decline is attributed to the change in the method of scoring – moving from a 7 point scale to a 10 point scale making year to year comparisons (even with appropriate adjustment to the scores) more difficult.
The survey was conducted in September and October 2009. The questionnaire covered 29 different aspects of service provided and a scoring system of 1 (low) to 10 (high) was used.