Norwest Bank
Sixth & Marquette, Minneapolis, Minn. 55479; phone: (612) 667-8022; fax: (612) 316-0366; Web site: www.norwest.com
($ millions)
Total global custody assets 2,012
Countries serviced by network 75
Countries serviced by subcustodian 75
Reports available online:
Monthly transaction
Performance measurement
Securities lending
Norwest Bank, as of June 30, oversaw $2.012 billion in total global custody assets; the entire amount was passed to other banks for subcustody.
The bank offers a "private label" product, for which Morgan Stanley is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by transactions and basis points.
Record-keeping services offered include multicurrency, commission by broker, securities lending, options/future accounting, unitized or plan accounting, average cost, LIFO and FIFO.
The bank lends securities for 17 tax-exempt institutions. The minimum portfolio size of lendable assets is $40 million.
The client contact is Melissa Dress.
PNC Bank N.A.
200 Stevens Drive, Suite 440, Lester, Pa. 19113; phone: (610) 521-7888; fax: (610) 595-4373; Web site: www.pncbank.com
($ millions)
Total global custody assets 8,000
U.S. tax-exempt 600
U.S. taxable 7,400
Countries serviced by network 73
Countries serviced by subcustodian 73
Reports available online:
Monthly transaction
Asset & liability
Performance measurement
Securities lending
PNC Bank N.A., as of June 30, oversaw $8 billion in total global custody assets; the entire amount was passed to other banks for subcustody.
In the past 12 months, the bank gained $150 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Morgan Stanley is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by assets and transactions.
Record-keeping services include investment accounting.
The client contact is Edward A. Smith III.
Royal Trust Corp. of Canada
P.O. Box 7500, Station "A", Toronto, Ontario M5W 1P9 Canada; phone: (416) 955-3350; fax: (416) 953-3377
($ millions)
Total global custody assets 167,000
Countries serviced by network 74
Countries serviced by subcustodian 73
Reports available online:
Cash
Securities holdings
Trade status
Accruals & receivables
Corporate actions
Royal Trust Corp. of Canada, as of June 30, oversaw $167 billion in total global custody assets. Of this, $86 billion was as a subcustodian for other banks and $81 billion was passed to other banks for subcustody.
The bank assists clients with foreign tax withholding.
Fees are calculated by number of accounts; preferred method of communication; level of activity and transaction volumes; and complexity, including custom reporting.
Record-keeping services include pension benefit payments, defined contribution pension plan record keeping and mutual/pooled fund unitholder record keeping.
The bank lends securities for more than 130 tax-exempt institutions. The minimum portfolio size of lendable assets is typically in excess of $20 million.
The client contacts are Robert Wright and Antony D. Johnson.
State Street Bank & Trust
1 Enterprise Drive, North Quincy, Mass. 02171; phone: (617) 985- 3784; fax: (617) 537-6600
($ millions)
Total global custody assets 573,900
U.S. tax-exempt 117,200
U.S. taxable 136,200
Countries serviced by network 71
Countries serviced by subcustodian 71
Reports available online:
Monthly transaction
Asset & liability
Performance measurement
Performance analytics
Portfolio holdings
Security transactions
Foreign exchange
Income receivables
Cash transactions
Multicurrency performance
Month-end
Trial balances
Graphics
Securities lending
International market portfolios
Cash forecasting
Electronic trade entry/delivery
State Street Bank & Trust Co., as of June 30, oversaw $573.9 billion in total global custody assets. Of this, $31 billion was as a subcustodian for other banks; $435.6 billion was passed to other banks for subcustody; and $107.3 billion was held in direct, in-house custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $92 billion was passed to others for subcustody and $25.2 billion was held in direct, in-house custody.
In the past 12 months, the bank gained $30.2 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, number of 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 140 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 assets 2,025
U.S. tax-exempt 1,426
U.S. taxable 599
Countries serviced by network 58
Countries serviced by subcustodian 57
Reports available online:
Monthly transaction
Asset & liability
Performance measurement
SunTrust Banks Inc., as of June 30, oversaw $2.025 billion in total global custody assets. Of this, $1.426 billion was passed to other banks for subcustody and $599 million was held in direct, in-house custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, all was passed to others for subcustody.
In the past 12 months, the bank gained $571 million in new global custody business from U.S. institutional tax-exempt clients.
The bank offers a "private label" product, for which Bank of New York is the primary supplier of the subcustodial network.
The bank assists clients with foreign tax withholding.
Fees are calculated by market value and transactions.
Record-keeping services include tax reclaim and other receivables.
The client contact is James F. Winters III.
Union Bank of California
475 Sansome St., Suite 1500, San Francisco, Calif. 94111; phone: (800) 880-0818; fax: (415) 291-7715
($ millions)
Total global custody assets 9,212
U.S. tax-exempt 1,663
U.S. taxable 5,808
Countries serviced by network 56
Countries serviced by subcustodian 55
Reports available online:
Monthly transaction
Asset & liability
Performance measurement
Securities lending
Enhanced proxy services
Union Bank of California N.A., as of June 30, oversaw $9.212 billion in total global custody assets. Of this, $5.459 billion was as a subcustodian for other banks and $3.753 billion was held in direct, in-house custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $712 million was as a subcustodian for other banks and $951 million was held in direct, in-house custody.
In the past 12 months, the bank gained $396 million in new global custody business from U.S. institutional tax-exempt clients.
The bank assists clients with foreign tax withholding.
Fees are calculated by a combination of ad valorem and transaction activity.
Record-keeping services include fully integrated, multicurrency accrual accounting; derivatives reporting; and forward foreign currency valuation.
The bank lends securities for nine tax-exempt institutions.
The client contact is Kevin P. Galvin.
Wachovia Bank N.A.
100 N. Main St., Winston-Salem, N.C. 27150; phone: (800) 642-0891; fax: (910) 732-6131; Web site: www.wachovia.com
($ millions)
Total global custody assets 1,800
U.S. tax-exempt 1,300
U.S. taxable 500
Countries serviced by network 80
Countries serviced by subcustodian 80
Reports available online:
Monthly transaction
Asset & liability
Performance measurement
Securities lending
Wachovia Bank N.A., as of June 30, oversaw $1.8 billion in total global custody assets. Of this, $1.62 billion was passed to other banks for subcustody and $180 million was held in direct, in-house custody.
Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.144 billion was passed to others for subcustody and $156 million was held in direct, in-house custody.
In the past 12 months, the bank gained $175 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 safekeeping and transaction costs per individual country.
Record-keeping services include foreign exchange capabilities, multicurrency reporting and tax reclamation.
The client contact is Maureen Tomshack.
