The custody specialist industry continued to grow its assets under management while enhancing its service offerings in the face of challenging developments in 2021.
In the digital space, the cryptocurrency market, although its meltdown started towards the middle of 2022, was already raising a lot of red flags in 2021, prompting asset service providers to prepare for the inevitable and contain the adverse impact on investors.
In the trustee space, the entry of what used to be niche asset classes such as Islamic fixed income into the mainstream market saw trustee providers beefing up their capabilities amid the changing financial landscape.
Meanwhile, new regulatory restrictions in China saw depositary receipt (DR) banks rushing to service clients who had to amend their DR programmes to comply with the more stringent requirements.
These are just some of the developments in the year under review by The Asset board of editors, and it is in this context that we announce the winners of the Custody Specialist Awards of The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2022.
Best Custody Specialist, Digital Assets, Asia
DBS Digital Custody has grown from strength to strength, winning mandates across all client segments, due to it robust and regulated platform. The bank offers an integrated suite of end-to-end solutions across the digital value chain, including institutional-grade custody, which proved highly efficient even as the cryptocurrency market started to unravel during the awards period.
Best Custody Specialist, Digital Assets, Fintech, Asia
Hex Trust continues to be among the leaders in innovation in the digital asset custody industry. During the awards period the firm successfully identified and integrated leading blockchain protocols and digital asset technologies into its custody platform to ensure it stayed ahead of competitors. It is the first custodian to launch a custody service for non-fungible tokens (NFTs) in March 2021.
Best Custody Specialist, Africa
Standard Chartered has proven to be the dominant global asset service provider in Africa, winning key domestic and foreign mandates in major markets and growing its assets under custody by 90% during the awards period. Demonstrating its market leadership, the bank has retained all market committee appointments in more than 30 industry associations across various markets.
Best Custody Specialist, Institutional, Asia
Northern Trust is the leading asset service provider for institutional clients in Asia-Pacific. In 2021 the company formed strategic partnerships and further enhanced its whole-office strategy, which enables clients to access new technologies, services and solutions across the investment lifecycle.
Best Custody Specialist, Insurance, Asia
Citi remains the dominant asset service provider for insurers in Asia-Pacific, a sector which has continued to grow in the face of challenging market conditions. During the awards period Citi completed onboarding the largest insurance fund administration mandate in the region which included fund accounting, transfer agency and reporting. This reinforces the trend for insurance companies to streamline their operations by working with service providers like Citi.
Best DR Bank, Asia
Deutsche Bank displayed its excellent client servicing capabilities in the DR market in the face of new regulatory restrictions in the China market. The bank also expanded its DR platform in Asia-Pacific, winning new mandates across eight markets.
Best in Escrow, Asia
HSBC once again displayed its strong capabilities in escrow agency by winning new and important mandates covering sustainability, technology, and infrastructure across major markets including Australia, China, India, Taiwan, and Malaysia.
Best Fund Trustee, Asia
BNP Paribas grew its market share in Asia-Pacific. During the awards period it won a landmark mandate that is a first-of-its-kind transaction in trusteeship for Islamic fixed income. It also won new mandates from existing clients.
Best Transfer Agent, Asia
HSBC remains the dominant player in transfer agency in key markets in the region. It continued to grow its market share while enhancing the capabilities of its platform particularly in digital and data solutions.
For the complete list of winners, please click here.
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