2006 Dublin Trustee Survey Results

Citigroup has regained the top place in the R&M Consultants Dublin Funds Survey 2006, pushing Mellon into second place, having won the first survey in 2004.

Richard Hogsflesh, managing director of R&M Consultants, said: “The 2006 Dublin Funds Trustee Survey shows a significant improvement in service levels provided by qualifying banks – an increase in score of 0.56 to a new industry average of 5.97 out of a possible seven reverses last year’s decline and demonstrates that clients have seen an upgrade in the way their accounts are handled.”

The survey, which seeks to measure service levels offered by trustees in Dublin to fund promoters that are not associated with the banks by way of ownership, is in its third year. Six banks instead of seven last year qualified for inclusion, receiving the necessary minimum of six responses.

Both Citigroup and rival J P Morgan saw big increases in their average scores, the only bank failing to make much ground over last year being AIB / Bank of New York whose score improved by 0.10, somewhat less than its competitors. However a third of its clients said that its service levels had improved over the year so it is a little surprising that the gain in score was not greater.

 Trustee (last years position)20062005Change
1 Citigroup (3) 6.58 5.60 0.98
2 Mellon (1) 6.32 6.05 0.27
3 State Street (2) 6.28 5.62 0.66
4 J P Morgan (7) 6.14 5.05 1.09
5 HSBC (5) 5.83 5.12 0.71
6 AIB / Bank of New York (4) 5.53 5.43 0.10
  Overall Average 5.97 5.41 0.56

The two most important areas of service for clients were breadth of service / overall support offered by the banks and the quality of the personnel. Least important was trustee site visits to fund administrators and transfer agents.

Question 2006
1 Breadth of Services / Overall Support 5.67
2 Personnel 5.61
3 Regulatory / Technical Advice 5.44
4 Ongoing Trustee's Review 5.39
5 Value for money 4.93
6 Review of scheme documentation 4.68
7 Trustee Site Visits 4.45

A substantial number of respondents – 41% - said that they believed service levels from their service provider had improved over the last 12 months. This is a high percentage compared to results of similar surveys. Not one thought that service levels had deteriorated.

Trustee ImprovedDeclinedStayed the same
AIB / Bank of New York 4 0 8
Citigroup 4 0 2
HSBC 6 0 5
J.P.Morgan 5 0 5
Mellon 2 0 4
Northern Trust 0 0 4
State Street 2 0 5
Total 23 0 33

Next year R & M hope more banks will qualify for inclusion in the survey, now that service levels seem to be improving.

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