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Asset Servicing
Inside this issue
• Bigger providers increase domination but new entrants and niche players can still thrive
• Outsourcing is a popular option, but there are cautionary tales
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Content
Strong forces pressure custodians to change
There is a need to reinvent business model to take account of increasing regulation, dwindling margins, a demanding client base and a technology arms race
Winners & losers: Bigger providers increase domination
Opportunities exist for new entrants and niche players, whether in fund administration or the provision of analytical tools – marginal players are likely to exit, but choice will increase as the value chain unbundles
Outsourcing: A need for speed and sophistication proves compelling argument
There is widespread talk of a resurgence of interest in outsourcing within the asset management industry, but there are cautionary tales
Risk management: regulatory scrutiny pushes risk centre stage
Risk management has been transformed in recent times from a practice that used to look mainly backwards to one in which foresight and prediction are the keys to the game
Transfer agency: Cinderella of the back office finally gaining recognition
Asset managers are starting to wake up to how the underrated back office function can help improve client service and garner a greater share of assets
The ETF effect: Funds industry growth boosts servicing
Asset service providers have developed consultancy services to help new ETF managers take their ideas from the drawing board to the market
Default protection: Collateral management grows in strength
Asset managers, corporates, hedge funds and superannuation funds are more aware of the vital need for default protection
Ucits IV: Tax concerns narrow asset managers’ options
Hurdles appear to be dogging the progress of the new regulatory framework but it should still be a game changer
Securities lending: New technology aids rebounding market
Despite bad publicity, the practice is ticking up again and there are new participants in the game
Regulation: Relief for custodians and depositary banks
Strict liability rules in the AIFM directive have been amended but issues remain
