2010 Awards for excellence: Best Global investor services house
Clients voted with their money in favour of the US bank as service and creditworthiness became key post-crisis selling points.
Awards for Excellence 2010
|Best Global investor services house: Northern Trust|
|Also nominated: Citi and Bank of New York Mellon|
When Northern Trust last won this award in July 2007, banks in the investor services business had spent the previous couple of years responding to a very different set of client priorities to those that now prevail. Back then, clients looked for innovative structuring, adaptable solutions and competitive pricing. The events of the global financial crisis changed all that. Suddenly this previously little-regarded corner of the financial services industry took centre stage, as clients demanded weekly, if not daily, updates from their custodians about their exposure to a given institution’s risk, as deals neared default and trustees had to step in, and as the custodian’s credit rating and trustworthiness became more relevant than its flashy structuring capabilities.
"In a difficult and complex financial environment we’ve continued to emphasize our core values of service, integrity and expertise," says Steve Fradkin, president, corporate and institutional services, at Northern Trust.