IN THE NEW back-to-basics, low-risk-tolerance environment where cash is king, custody has become the surprising darling of financial services. Custodians, having for the most part avoided embarrassing investor losses, with no big blow-ups, have emerged, says Michael Spellacy of Boston Consulting Group “as an independent and trusted man of last resort. Their historical position as an unassailable castle on a hill has been strengthened through this market crisis, and will likely be a net beneficiary of major movements around liquidity and regulation.
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