2007 Dublin Trustee Survey Results

JP Morgan jumped three places to head the 2007 R&M Dublin Trustee Survey. The survey, which measures service levels offered by trustees in Dublin to fund promoters that are not associated with the banks by way of ownership, also saw a significant improvement in HSBC’s performances and a decline in State Street’s. 

Overall Score      
  Trustee 2007 2006
1  JP Morgan (4) 6.46 6.14
2  Citibank (1) 6.41 6.58
3  HSBC (5) 6.38 5.83
4  BNY Mellon** 6.29
5  Northern Trust* 5.49
6  State Street (3) 5.32 6.28
   Average 6.05 5.97
  * did not qualify last year    
** Mellon score was 6.32, BNY was 5.53
last years position in brackets


Number of responses
  Trustee 2007 
1  JP Morgan (4) 8
2  Citibank (1) 6
3  HSBC (5) 6
4  BNY Mellon 15
5  Northern Trust* 6
6  State Street (3) 10
Total 54
* did not qualify last year
** Mellon received 6 and BNY 12 in 2006
Total includes responses from banks that did not qualify and individual reponses that have since been combined


BNY Mellon also achieved a good result, coming in ahead of last year’s combined score of the two newly merged banks. Northern Trust qualified for inclusion in the survey for the first time with an improved score over the last time they appeared in 2005 when they scored 5.37.  “We had previously been with another service provider, and we were very unhappy with them. It’s been fantastic seeing the change in services under the new Trustee, JP Morgan,” was one client’s view. Comments on the other trustees:- State Street. “We see very little in the way of reporting/MIS and I am not aware of their having any internet capability.”  Citigroup. “We’d like to see more investment in their compliance software especially for non-plain vanilla products such as futures, swaps, etc.” Northern Trust. “The key area of development is around the capability to support us more completely in relation to the launching and supporting of new products that involve the use of Derivatives and other complex products.” BNY Mellon. “Always accessible, helpful and knowledgeable.  Recent assistance/guidance provided in relation to Derivatives monitoring, which was much appreciated.” HSBC. “Highly professional and experienced staff at all levels.  Very strong head of trustee.” 



The survey was conducted in September and October 2007. Banks were assessed on 23 different aspects of their service and scored out of a maximum of 7 for each. All banks actively offering a trustee service in the Dublin market were given the opportunity to participate.
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