Global Custodian Summer 2017 | Page 60

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Deutsche Bank Edelweiss

Deutsche Bank AG , Mumbai , claims $ 82.83 billion in Indian domestic Assets under custody and $ 114.36 billion in foreign owned assets . Its client base is diverse , ranging from global custodians , broker dealers , domestic mutual funds , and insurance companies to portfolio management services and local corporates . It puts its market share for custodial services at 26 % of asset management companies in India , 47 % of private sector life insurance companies and 20 % of alternate investment funds . The bank ’ s scores have continued their two-year upward trend and exceed the market average in all areas apart from Trustee and Administration Services . Client comments are overwhelmingly positive , particularly in the area of Relationship Management and Client Service . “ Superb partner to be associated with ,” says one asset manager . “ The bank has a highly professional team which has in-depth knowledge of the market nuances and always comes up with innovative and out-of-the-box solutions .” At an individual question level , Deutsche Bank ’ s highest score is a perfect 7 for the accuracy of its alternative investment valuations , an area where its product range has expanded over the past year .
The Edelweiss Group is a diversified financial services company providing a broad range of financial products and services . Edelweiss appears in the India domestic survey for the first time this year , accounting for roughly a fifth of overall responses . It has produced a very creditable set of scores , exceeding the market average in nine out of ten service categories . Though Reputation and Asset Safety falls just short , the score of 6.56 recorded for this , would be envied by providers in most other markets . The provider ’ s highest category score is 6.75 for Relationship Management and Client Service . This is reinforced by client comments . “ The quality of service is exemplary ! Response time is remarkable . I think that is what differentiates Edelweiss from the others ,” says one asset manager . Another praises the firm ’ s “ knowledge of the market intricacies , processes and legal structures .” At an individual question level , Edelweiss ’ highest score is for quality of personnel ( 6.77 ), followed by its understanding of clients ’ specific needs ( 6.70 ). At the other end of the scale , accuracy of valuations and accounting for non-domestic securities scores a still impressive 6.33 . Another local manager sums it up thus : “ All areas of custody are excellent .”
TABLE 1 : SERVICE AREA SCORES VERSUS MARKET AVERAGE TABLE 1 : SERVICE AREA SCORES VERSUS MARKET AVERAGE
Category
Deutsche Bank
India average
Difference
Category
Edelweiss
India
average
Difference
Relationship Management and Client Service
6.76
6.57
0.19
Cost and Value Delivered
6.70
6.33
0.37
Settlement and Cash Management
6.80
6.54
0.26
Asset Servicing
6.74
6.49
0.25
Special Operational Requirements
6.81
3.24
3.57
Operational Reporting
6.85
6.46
0.39
Technology
6.73
6.31
0.42
Fund and Unit Accounting and Valuation ( if used )
6.93
6.43
0.50
Trustee and Administration Services ( if used )
5.39
6.38
-0.99
Reputation and Asset Safety
6.81
6.58
0.23
OVERALL WEIGHTED AVERAGES
6.73
6.27
0.46
Relationship Management and Client Service
6.75
6.57
0.18
Cost and Value Delivered
6.39
6.33
0.06
Settlement and Cash Management
6.63
6.54
0.09
Asset Servicing
6.63
6.49
0.14
Special Operational Requirements
6.56
3.24
3.32
Operational Reporting
6.57
6.46
0.11
Technology
6.47
6.31
0.16
Fund and Unit Accounting and Valuation ( if used )
6.44
6.43
0.01
Trustee and Administration Services ( if used )
6.57
6.38
0.19
Reputation and Asset Safety
6.56
6.58
-0.02
OVERALL WEIGHTED AVERAGES
6.57
6.27
0.30
TABLE 2 : HIGHEST AND LOWEST QUESTION SCORES
Top 5 question scores
Score
Accuracy of alternative investment valuations
7.00
Timeliness and accuracy of reports
6.94
Creditworthiness of institution
6.94
Timeliness and accuracy of valuations
6.91
Timeliness of resolution of failed trades
6.89
Bottom 5 question scores
Score
Value received relative to fees paid
6.67
Competitiveness and flexibility of deadline for same-day cash movements
6.67
Knowledge and responsiveness of personnel
5.50
Quality of administration services
5.50
Quality of shareholder recordkeeping services
5.00
TABLE 2 : HIGHEST AND LOWEST QUESTION SCORES
Top 5 question scores
Score
Quality of personnel
6.77
Understanding of your specific requirements
6.70
Knowledge and responsiveness of personnel
6.69
Willingness and ability to customise reporting
6.67
Timeliness of resolution of failed trades
6.65
Bottom 5 question scores
Score
Competitiveness of fees charged
6.41
Sophistication and robustness of core systems
6.41
Accuracy of alternative investment valuations
6.40
Value received relative to fees paid
6.37
Accuracy of valuations and accounting for non-domestic securities
6.33
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