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Technology sound investment for custodians, says Celent

18 December 2001  |  2998 views  |  0 Technology sound investment for custodians, says Celent

Global custodians will invest $12 billion by 2005 to finalise straight-through-processing initiatives, bolster their sub-custodian networks, and augment outsourcing capabilities, according to a new report from Celent Communications.

The report, "Global Custody Operations - Real Service or Lip Service?" predicts Europe will be a major playing field for global custodians, driven by a projected EUR5 trillion increase in European-based assets due to pension privatisation efforts. Celent suggests HSBC, BNP Paribas and Deutsche Bank are well positioned to capture some of these flows.

"Clients are pleased with the steps being taken by their custodians," says Pamela Brewster, Celent analyst and report author. "In fact, asset managers have been so impressed by the upgrades in their custodians' reporting and processing systems that they are increasingly outsourcing activities such as fund accounting and reporting."

The study says outsourcing represents a $25 billion revenue opportunity, but points out that internal resource constraints and client control issues may dampen prospects.

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