The Northern Trust Co.
50 S. LaSalle St., Chicago, Ill. 60675; phone: (312) 630-6000; fax: (312) 630-6062
($ millions)
Total global custody assets121,000
U.S. tax-exempt121,000
Countries serviced by network68
Countries serviced by subcustodian66
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
The Northern Trust Co., as of June 30, oversaw $121 billion in total global custody assets. Of this, $2.45 million was as a subcustodian for other banks; $85.1 billion was passed to other banks for subcustody; and $35.9 billion was held in direct custody.
In the past 12 months, the bank gained $29 billion in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by market value, holdings and transactions.
The bank lends securities for 191 tax-exempt institutions.
The client contact is Steven L. Fradkin.
Norwest Bank
Sixth St. and Marquette Ave., Norwest Center, Minneapolis, Minn. 55479; phone: (612) 667-4055; fax: (612) 667-2356
($ millions)
Total global custody assets1,600
U.S. tax-exempt1,600
Countries serviced by network65
Countries serviced by subcustodian65
Reports available on-line:
Monthly transaction
Asset & liability
Norwest Bank, as of June 30, oversaw $1.6 billion in total global custody assets, all passed to other banks 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 offers a "private label" product, for which Morgan Stanley Trust Co. is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by basis points and transactions.
The bank lends securities for 17 tax-exempt institutions. The minimum portfolio size of lendable assets is $25 million.
The client contact is Ranee Jacobus.
PNC Bank N.A.
200 Stevens Drive, Suite 440, Lester, Pa. 19113; phone: (610) 521-7888; fax: (610) 595-4373
($ millions)
Total global custody assets6,000
U.S. tax-exempt200
U.S. taxable5,800
Countries serviced by network73
Countries serviced by subcustodian41
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Cash journal
Pending settlement
Income due
PNC Bank, as of June 30, oversaw $6 billion in total global custody assets, all passed to other banks for subcustody. Of the global custody assets overseen for U.S., institutional tax-exempt clients $200 million was passed to others for subcustody.
In the past 12 months, the bank gained $100 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Barclays Bank PLC is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated on asset values and transaction fees, differentiated by country band.
Record-keeping services are comprehensive and provided by Barclays PLC.
The bank lends securities for tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.
The client contact is Edward A. Smith III.
Royal Trust Corp. of Canada
P.O. Box 7500, Station A, Toronto, Ontario M5W 1P9; phone: (416) 955-3350; fax: (416) 955-3377
($ millions)
Total global custody assets132,000
Countries serviced by network70
Countries serviced by subcustodian66
Reports available on-line:
Cash
Securities holdings
Trade status
Accruals and receivables
Corporate actions
Royal Trust Corp. of Canada, as of Aug. 31, oversaw $132 billion in total global custody assets.
The bank assists clients with foreign tax withholding.
Fees are calculated by number of accounts, transactions and customized reporting.
Record-keeping services include pension benefit payments, defined contribution pension plan record keeping and mutual/pooled fund unit holder record keeping.
The bank lends securities for 100 tax-exempt institutions. The minimum portfolio size of lendable assets is $70 million.
The client contact is Mary Taylor.
State Street Bank & Trust
1 Enterprise Drive, North Quincy, Mass. 02171; phone: (617) 985-3784; fax: (617) 537-6600
($ millions)
Total global custody assets404,500
U.S. tax-exempt85,500
U.S. taxable105,700
Countries serviced by network72
Countries serviced by subcustodian72
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
Performance analytics
Portfolio holdings
Security transactions
Foreign exchange
Income receivables
Cash transactions
Trial balance
Securities lending
International market portfolios
Cash forecast
Electronic trade entry/delivery
State Street Bank & Trust Co., as of June 30, oversaw $404.5 billion in total global custody assets. Of this, $22 billion was as subcustodian for funds passed to the bank by other banks, $307 billion was passed to other banks for subcustody; and $75.5 billion was held in direct custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $67 billion was passed to others for subcustody; and $18.5 billion was held in direct, in-house custody.
In the past 12 months, the bank gained $78.1 billion in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated based on asset values, transactions, number of portfolios, frequency of audited valuations, and subcustodian holding cost.
Record-keeping services include participant record keeping, plan accounting, mutual fund accounting and insurance reporting.
The bank lends securities for 162 tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.
The client contact is Robert R. Tarter.
SunTrust Banks Inc.
25 Park Place N.E., Atlanta, Ga. 30303; phone: (404) 588-8636; fax: (404) 588-8136
($ millions)
Total global custody assets855
U.S. tax-exempt855
Countries serviced by network58
Countries serviced by subcustodian57
Reports available on-line:
Monthly transaction
Asset & liability
Performance measurement
SunTrust Banks Inc., as of June 30, oversaw $855 million in total global custody assets, all passed to other banks for subcustody
In the past 12 months, the bank gained $383 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Bank of New York is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by asset market value and transactions.
Record-keeping services include tax reclaim and other receivables.
The client contact is James F. Winters III.
