Citi won the Best in Asset Servicing Award in The Asset Triple Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2020, closely besting seven other top asset service providers in the first virtual awards ceremony held by The Asset for this set of awards.
“Because of Covid-19, we are hosting this annual award, which was a gala dinner until this year, in a virtual format. Yes, this pandemic is ushering changes like never before. The asset management and asset servicing industry has now stepped up the adoption of technology, the push towards automation,” says Daniel Yu, editor-in-chief of The Asset.
Although the awards period was before the pandemic, the generally high quality of products and services, as well as the strong technology capabilities displayed by the asset service providers even before the pandemic, in many cases mitigated the negative impact of Covid-19 for the institutional investor and asset management industry.
The systems and platforms that were in place during the awards period (before the pandemic) allowed many institutional investors and asset managers to cope better when the pandemic struck. For example, these systems and platforms allowed for communication using online networks, provided continuous trading with minimal disruption and errors, ensured secure safekeeping of assets, and generally made life easier for institutional investors and asset managers beleaguered by the pandemic.
Citi is recognized for being an all-around asset service provider with an optimal balance of geographical footprint and depth of services. It is the only house that provides a full suite of services, including custodian services, fund administration, collateral management, securities lending, corporate trust, and depository receipts services. Feedback from clients also indicates that Citi can leverage its geographic footprint while providing seamless one-stop services.
Standard Chartered wins Best Custodian-Overall based on its enhanced capabilities, strong growth, and mandates won, and strong client feedback. The bank also has extensive geographic and market coverage in Asia, the Middle East, and Africa.
BNY Mellon wins Best Global Custodian, International Clients. Among global custodians, BNY Mellon led in terms of collaborating with various fintech providers, offering its clients differentiated technology capabilities. It was also the first global custodian to provide onshore CNY exchange for Bond Connect.
HSBC wins Best Global Custodian, Asia-based Clients. HSBC continues to have the strongest service offerings and capabilities in the region, particularly in the Hong Kong and China market, servicing both inbound and outbound flows. It also has the broadest geographic footprint in the region.
BNY Mellon wins Best in Collateral Management. BNY Mellon is proactive in developing its collateral management business in Asia. In Japan, it connects with local trust banks to adopt the tri-party model in collateral management. In China, it has connected with most of the broker-dealer institutions in Stock Connect. It also won a mandate from a multi-jurisdiction insurance company.
State Street wins Best in Securities Lending. State Street has been able to capture the rise of the P2P business in addition to its traditional clients. It has also been successful in linking US hedge funds with asset owners based in the region to tap securities lending opportunities.
Citi wins Best Subcustodian, Overall. Citi has maintained its dominance in the institutional space, particularly among insurance companies, in each market across Asia.
HSBC wins Best Subcustodian, Global. During the awards period, HSBC has taken away a major mandate from the competition by demonstrating its ability to meet specific client requirements and providing commercial benefits.
BNP Paribas Securities Services (BNPP SS) wins Best Subcustodian, Broker-Dealer. During the awards period, BNPP SS won the mandate to provide clearing settlement and custody services for London Stock Exchange connect for Huatai Financial, a major milestone for both institutions, demonstrating its capabilities in servicing ground-breaking mandates.
HSBC wins Best Fund Administrator, Retail Funds. HSBC continues to have the largest market share and the unparalleled footprint and penetration in each market across Asia, demonstrating that it does not sacrifice its ability to provide high-quality services despite its massive size.
BNP Paribas Securities Services (BNPP SS) wins Best Fund Administrator, Alternatives. During the awards period, BNPP SS demonstrated its strong capability in servicing the private hedge funds, particularly in newly-opened businesses such as the VCC (variable capital company) scheme.
For a complete list of the winners, please click here.