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Edelweiss Custodial IL&FS Securities
Services Limited
Services Ltd.
Edelweiss’ domestic clients include both asset managers and
alternative investment funds. “With the rise in investment cap-
ital in India, the on-going bullish equity market and increasing
FPI and FDI investments, the outlook for the AIF sector is very
positive,” says the firm, which has been promoting an end-to-
end solution for the establishment of AIFs.
“Their effort to be a great and leading custodian is clear,” says
one asset manager responding for Edelweiss. Several others cite
the firm’s reputation as one of its strengths. Category scores,
in line with the survey as a whole, are somewhat down this
year. Whereas in 2017, all service areas were rated Very Good
(6.00-6.99), this year sees half of these recording results in the
upper-fives – still impressive by global standards, but not quite
at the stellar levels of 2017. Interestingly, it is the smaller clients
who are the harshest raters.
At an individual question level, Edelweiss’ highest score is for
its commitment to the custody and securities servicing business
(6.31), followed by knowledge and responsiveness of personnel
(6.12). Even its lowest question scores would be the envy of some
providers: 5.56 for sophistication and robustness of core systems
and 5.63 for willingness and ability to customise reporting.
In a year where the universe of domestic Indian custody pro-
viders has recorded an aggregate fall in category scores of 0.30
points, IL&FS has bucked the trend with increases in all areas.
These range from 0.15 points for Special Operational Require-
ments to 0.83 for Technology. As a result, all of the firm’s results
are now comfortably in Very Good range. The largest clients are
the most generous rating several service categories as Excellent
(7.00 – the highest possible score). Fund Accounting and deriva-
tives clearing are cited by one respondent as particular strengths
of this provider.
At an individual question level, IL&FS scores 6.58 for the ac-
curacy of its alternative investment valuations, 6.57 for credit-
worthiness and 6.55 for quality of personnel. Its lowest question
scores – 6.22 for quality of administration services and 6.27 for
competitiveness of fees charged – remain impressive.
The most improved question scores for this provider were
recorded for willingness and ability to customise reporting, up
0.89 points to 6.48, and the ease of use and comprehensiveness
of its client-facing technology, up 0.84 points to 6.40. No ques-
tion scores registered a decline.
Category Edelweiss India
average Difference Category IL&FS India
average Difference
Relationship management and client service 6.04 6.19 -0.15 Relationship management and client s ervice 6.51 6.19 0.32
Cost and value delivered 5.71 6.00 -0.29 Cost and value delivered 6.32 6.00 0.32
Settlement and cash management 5.87 6.13 -0.26 Settlement and cash management 6.37 6.13 0.24
Asset servicing 6.04 6.16 -0.12 Asset servicing 6.43 6.16 0.27
Special operational requirements 6.00 6.14 2.93 Special operational requirements 6.51 6.14 0.37
Operational reporting 5.84 6.02 -0.18 Operational reporting 6.40 6.02 0.38
Technology 5.80 5.96 -0.16 Technology 6.41 5.96 0.45
Fund and unit accounting and valuation (if used) 5.88 6.07 -0.19 Fund and unit accounting and valuation (if used) 6.55 6.07 0.48
Trustee and administration services (if used) 6.00 6.01 -0.01 Trustee and administration services (if used) 6.33 6.01 0.32
Reputation and asset safety 6.23 6.33 -0.10 Reputation and asset safety 6.53 6.33 0.20
Overall weighted averages 5.95 6.12 0.02 Overall weighted averages 6.43 6.12 0.31
Top 5 question scores Score Top 5 question scores Score
Commitment to the custody and securities servicing business 6.31 Accuracy of alternative investment valuations 6.58
Knowledge and responsiveness of personnel 6.12 Creditworthiness of institution 6.57
6.11 Quality of personnel 6.55
6.10 Accuracy of valuations and accounting for non-domestic securities 6.53
6.06 Relationship management and client service 6.51
Effectiveness in dealing with corporate actions
Creditworthiness of institution
Quality of personnel
Bottom 5 question scores
Bottom 5 question scores
Competitiveness and flexibility of deadline for same-day cash movements 5.75 Accuracy and timeliness of dividend notification and crediting 6.31
Accuracy of alternative investment valuations 5.69 Timeliness of resolution of failed trades 6.30
Value received relative to fees paid 5.65 Quality of shareholder recordkeeping services 6.29
Willingness and ability to customise reporting 5.63 Competitiveness of fees charged 6.27
Sophistication and robustness of core systems 5.56 Quality of administration services 6.22
62
Global Custodian
Summer 2018