Satisfied clients but is Dublin still fit for purpose?
HSBC also put on another strong performance, coming close behind in the trustee section and taking first place in the custody market.
However warning shots were fired over Dublin’s position in the offshore fund business by one respondent who said “from my own observations it's worth noting from a Dublin perspective that there is increased competition coming from areas such as Luxembourg which are coming up with more efficient ways to domicile funds from a tax and cost perspective. Dublin as a financial services hub needs to keep competitive in this respect.”
The survey was completed in December 2010.Banks were assessed on 23 different aspects of their service and scored out of a maximum of 10 for each. All banks actively offering a trustee and global custody service in the Dublin market were given the opportunity to participate.