2004 Dublin Trustee Survey Results

Citigroup heads inaugural R&M Dublin trustee survey

Citigroup has been voted the top Dublin provider of trustee services by fund promoters in the inaugural R&M survey in the Irish market. Mellon Bank has achieved second position with Northern Trust in bronze medal position.

1 Citigroup 6.49
2 Mellon 5.91
3 Northern Trust 5.71
4 J P Morgan 5.60
5 HSBC 5.46
6 AIB / Bank of New York 4.93

A total of 40 fund promoters responded to the survey and all banks which received 4 or more responses have appeared in the table. Responses were also received for State Street, IBT, Brown Brothers Harriman and Fortis. All scores are out of a maximum possible of 7.
Respondents were also asked to rank in order of importance the various different aspects of the service they receive from their provider, with quality of personnel being regarded as the most important factor with a score of 5.21. Trustee monitoring and regulatory and technical advice were regarded as the 2nd and 3rd most important aspects.

Category of ServiceScore
Personnel 5.21
Ongoing Trustee Monitoring 5.13
Regulatory Trustee Monitoring 4.79
Breadth of Services / Overall Support 4.28
Fees 3.85
Review of sheme documentation 3.51
Trustee Site Visits 2.90

Richard Hogsflesh, managing Director of R&M Consultants said:

“Citibank has delivered an excellent result in our inaugural Dublin survey, scoring an impressive 6.49 out of a maximum possible of 7. This compares well with our UK survey where the winning score of 5.88 was achieved by The Bank of New York.”

“There are marked differences between the Dublin and UK surveys in the factors that respondents regard as the key components of the service they receive. In Dublin the quality of personnel was the most important factor for people followed by ongoing trustee monitoring. Regulatory and technical advice came third unlike its first place in the UK survey.”

Although custody and trustee services go hand in hand the survey focused on the fiduciary aspects of each relationship rather than including the custodial aspects of services. Respondents came from the UK, USA and across continental Europe. The assets covered in this survey amounted to €89bn which is approximately 27% of all mutual funds domiciled in Dublin.

All respondent were asked to score their provider on a scale of 1 to 7. The range of scores was very broad from 4.93 to 6.49, reflecting the relatively low number of responses. The more responses a bank gets (within reason) the greater the averaging out effect on the results, with the converse also being true. The overall average for all responses (including those not in the above table) was 5.55. All scores are out of a possible maximum of 7.

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