2011 UK Unit Trust Trustee / OEICS Depositary Survey results

HSBC topped the R&M Trustee & Depositary Survey for 2011 with JP Morgan, who was in pole position in 2010 for the first time, slipping to third place.


This year saw a change in how the overall scores were calculated which has resulted in most banks getting a higher score. The change was designed to place greater emphasis on the “value added” areas such as regulatory and technical advice, relationship management and managing alternatives and decrease the emphasis of more automated processes.  This is perhaps reflective of how clients value their providers these days and as Trustees move towards more risk based approaches. When asked, respondents ranked regulatory and technical advice as being the most important element of a provider’s service.

“The table shows the providers falling into two distinct groups, the first four gaining high scores, there then being a gap to RBS (or NatWest as it is now, the business having been recently transferred) and BNYM”, said Richard Hogsflesh of R & M Surveys. “Over 80% of RBS’ clients indicated that service levels have remained the same over the last 12 months but for all the others between 1/3rd and 2/3rd of respondents said that service levels have improved.”


A total of 60 fund managers responded to the survey that ran during September and October 2011.

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