By Ross McGill, Naren Patel
The worldwide custody product used to be conceived out of adjustments to usa pension legislation. In 1974, the worker Retirement source of revenue safeguard Act got here to the Statute books, forcing US 401-k sponsors to segregate funding administration and custody of the underlying resources. this present day, carrier services act for consumers in lots of international locations world wide, dealing with resources throughout a hundred international locations of funding. the diversity of providers is ever extra refined. Measured by way of the price of resources held lower than custody, it's a multi trillion buck undefined.
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Additional resources for Global Custody and Clearing Services (Finance and Capital Markets)
This trend to outsourcing to the custodian is increasingly viewed as an attractive way to displace cost. Custodians have some choice to decide in which market space they would like to operate. Smaller custodians are increasingly choosing to become specialists in specific areas while larger ones are consolidating. The new competitive threat for custodians is coming from the influential national and international central securities depositories who are increasingly after the core business of asset services, clearing and settlement.
Here are some of the other benefits these proactive investment managers – and their clients – are realising. Custodians have developed comprehensive contingency arrangements for their technology infrastructures. So, if one or more platforms become inoperable, back-up platforms are available. This is why many investment managers that outsource have developed plans whereby their custodians will serve as the “operational hot site” in the event that their office’s physical location becomes inaccessible.
Investment Operations Outsourcing. Providers, including custodians, are being asked to deal with increased complexity as well as taking on significantly greater risks and responsibilities for middle and back office operations. Research by Tower Group suggests that hedge fund assets will grow at an annualised rate of 15% between 2006 and 2008. Barclay Trading Group research substantiates this estimate. It is, quite simply, a market that is growing too quickly to be ignored. Similarly, outsourcing can no longer be dismissed as a passing fad.
Global Custody and Clearing Services (Finance and Capital Markets) by Ross McGill, Naren Patel