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BNY Mellon bounces back
to regain top GC crown
After being dethroned at the top of the custody assets
rankings in Q2 this year, BNY Mellon is back on top,
though State Street remains close and says it still has
$465 billion of assets to be installed in the future.
Global custodians by assets under custody/ administration (AUC/A)
Q2 AUC/A Q3 AUC/A QvQ Increase (Decrease)
BNY Mellon $34.5 trillion $33.6 trillion 2.7%
State Street $34 trillion $33.9 trillion 0.3%
JP Morgan $24.4 trillion $24.1 trillion 1.2%
Citi $21.3 trillion $22.8 trillion (6.6%)
BNP Paribas $13.8 trillion $13.9 trillion (0.7%)
Northern Trust $10.8 trillion $10.7 trillion 0.9%
Societe Generale $5.4 trillion $5.3 trillion 1.9%
*HSBC Securities Services AUC/A was not disclosed in Q3 2018, but as of Feb 2018 it stood at $11.3 trillion.
B
NY Mellon took back its crown as the
world’s largest custodian in the third
quarter of 2018, after briefly losing the
title to State Street in June.
Assets under custody and administra-
tion (AUC/A) for BNY Mellon increased
2.6% over the previous quarter and 7%
over the same period last year to $34.5
trillion.
BNY Mellon recorded several
high-profile mandate wins that helped
propel its quarterly figures, including
a massive fixed income custody man-
date for South Korea’s National Pension
Service (NPS), one of the world’s largest
pension fund schemes. It also completed
the transition of DWS’s real estate fund
94
Global Custodian
Winter 2018
accounting services representing nearly
$21 billion in assets onto the BNY Mel-
lon platform.
Charlie Scharf, CEO and chairman of
BNY Mellon, said on the bank’s third
quarter earnings call: “We again saw
steady performance in our core custody,
middle-office and fund accounting reve-
nues on-boarding more than $450 billion
of AUC/A across a number of investment
managers and other clients.”
Meanwhile State Street, which won the
prestigious title after a three-year break,
0recorded an increase of $100 billion, or
0.4% over the quarter, to $34 trillion, but
was up nearly 6% over the year. Howev-
er, it stated in its earnings release that
approximately $465 billion of assets will
be installed in future periods.
Similar to the top banks, the other
US global custodians all recorded an
increase in AUCA/A, particularly JP
Morgan which recorded an increase of
1.2% to $24.4 trillion.
However, the same cannot be said of
its close rival, Citi, which recorded a sig-
nificant quarter-on-quarter decrease of
6.6% with AUC/A falling to $21.3 trillion.
Similarly, BNP Paribas Securities
Services recorded a slight decrease of
AUC/A over the quarter by $100 billion
to $13.8 trillion, however the custodian’s
assets are still up over 2% on the year.