Northern Trust
50 S. LaSalle St., Chicago, Ill. 60675; phone: (312) 630-6000
($ millions)
Total global custody assets81,500
U.S. tax-exempt22,100
U.S. taxable10,168
Countries serviced by network64
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Foreign exchange
Manager mixes with accruals
Asset/local-base currency
Trade fails
Plan valuation
Securities lending
Proxy
Northern Trust, as of June 30, oversaw $81.5 billion in total global custody assets. Of this, $2.3 billion was as a subcustodian for other banks and $79.2 billion was held in direct custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients $22.1 billion was held in direct, in-house custody.
In the past 12 months, the bank gained $3.2 billion in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are based on assets, transactions, geographic schedules and special requirements.
Record-keeping services are provided by the bank's wholly owned subsidiary, Hazlehurst & Associates Inc.
The bank lends securities for 180 tax-exempt institutions.
The client contact is Jean E. Sheridan.
Norwest Bank
Sixth Street and Marquette Avenue, Norwest Center, Minneapolis, Minn. 55479-0065; phone: (612) 667-4055; fax: (612) 667-2356
($ millions)
Total global custody assets1,400
U.S. tax-exempt1,200
U.S. taxable1,200
Countries serviced by network60
Countries serviced by subcustodian60
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Norwest Bank, as of June 30, oversaw $1.4 billion in total global custody assets. All was passed to other banks for subcustody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.2 billion was passed to others for subcustody.
In the past 12 months, the bank gained $200 million in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by assets, transactions and geographic schedule.
The bank lends securities for 30 tax-exempt institutions. The minimum portfolio size of lendable assets is $50 million.
The client contact is Ranee A. Jacobus.
PNC Bank N.A.
200 Stevens Drive, Suite 440, Lester, Pa. 19113; phone: (610) 521-7747; fax: (610) 595-4373
($ millions)
Total global custody assets5,000
U.S. tax-exempt100
U.S. taxable4,900
Countries serviced by network66
Countries serviced by subcustodian38
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Cash journal
Pending settlements
Income due
Broker
PNC Bank N.A., as of June 30, oversaw $5 billion in total global custody assets, all of which was passed to other banks for subcustody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $100 million was passed to others for subcustody.
In the past 12 months, the bank gained $50 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Barclays Bank is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by assets, transactions and geographic schedules.
Record-keeping services are provided by Barclays Bank.
The bank lends securities for tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.
The client contact is Carl Rice.
Royal Trust Corp. of Canada
P.O. Box 7500, Station A, Toronto, Ontario M5W 1P9, Canada; phone: (416) 955-3350; fax: (416) 955-3377
($ millions)
Total global custody assets*..104,748
Countries serviced by network60
Countries serviced by subcustodian58
Reports available on-line:
Cash
Securities holdings
Trade status
Accruals and receivables
Corporate actions
*Assets as of April 30, 1995
Royal Trust Corp. of Canada, as of April 30, oversaw $104.748 billion in total global custody assets.
The bank assists clients with foreign tax withholding.
Fees are calculated by number of accounts, method of communication, transactions and custom reporting.
Record-keeping services include benefit payments, defined contribution plan record keeping and mutual/pooled fund unit holder record keeping.
The bank lends securities for more than 100 tax-exempt institutions.
The client contact is Mary Taylor.
State Street Bank & Trust
1 Enterprise Drive, North Quincy, Mass. 02171; phone: (617) 985-7505; fax: (617) 537-6590
($ millions)
Total global custody assets268,000
U.S. tax-exempt74,000
U.S. taxable79,000
Countries serviced by network68
Countries serviced by subcustodian68
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Performance analytics
Portfolio holdings
Security transactions
Foreign exchange
Income receivables
Cash transactions
Multicurrency performance
Month-end reports
Trial balances
Securities lending
International market portfolios
Cash forecasting
Electronic trade entry/delivery
State Street Bank & Trust Co., as of June 30, oversaw $268 billion in total global custody assets. Of this, $15 billion was as a subcustodian for other banks; $203 billion was passed to other banks for subcustody; and $50 billion was held in direct custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $58 billion was passed to others for subcustody and $16 billion was held in direct, in-house custody.
In the past 12 months, the bank gained $12 billion in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by asset values, transactions, number of portfolios, frequency of audited valuations and subcustodian holding costs.
Record-keeping services include participant record keeping, plan accounting, mutual fund accounting and insurance reporting.
The bank lends securities for 142 tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.
The client contact is James J. Darr.
25 Park Place NE, Atlanta, Ga. 30303; phone: (404) 588-8636; fax: (404) 588-8136
($ millions)
Total global custody assets400
U.S. tax-exempt275
U.S. taxable125
Countries serviced by network35
Countries serviced by subcustodian35
SunTrust Banks Inc., as of June 30, oversaw $400 million in total global custody assets, all of which was passed to other banks for subcustody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $275 million was passed to others for subcustody.
In the past 12 months, the bank gained $125 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Mitsubishi Global Custody is the primary supplier of the subcustodial network.
Fees are calculated by asset value and transaction fees.
Record-keeping services include tax reclaim and receivables.
The client contact is James Winters III.
Wachovia Corp.
301 N. Main St., Winston-Salem, N.C. 27150; phone: (910) 770-4182; fax: (910) 770-5758
($ millions)
Total global custody assets1,298
U.S. tax-exempt1,212
U.S. taxable86
Countries serviced by network48
Countries serviced by subcustodian48
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Daily pricing
Treaty information
Wachovia Corp., as of June 30, oversaw $1.298 billion in total global custody assets. All was passed to other banks for subcustody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.212 billion was passed to others for subcustody.
In the past 12 months, the bank gained $172 million in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by market value and transactions.
Record-keeping services include integrated domestic and international asset reporting and foreign tax reclamation reporting.
The client contact is Marianne B. Price.
