RBC Dexia has an impressive 42% of the Canadian fund administration market and managed to increase that number with 218 new clients in 2011. It is also Canada’s largest custodian and maintained its impressive client base in 2011, as well as winning several significant clients and providing excellent client service.
In fund administration, the judges noted that RBC Dexia had made several significant enhancements in its offering – for example, making progress in allowing securities lending reporting at the executive level. It also improved its collateral management services and increased demand for its enhanced middle-office over-the-counter services around counterparty risk, with electronic data connectivity being extended to a larger number of counterparties. The securities services provider also invested in its foreign exchange trading team and secured its online client portal, with clients now being able to build their own reporting.
In the custody market, RBC Dexia rolled out an initiative providing exceptional client experiences to all of its clients, which realigned its sales and relationship, client services and operations teams to improve interaction with its clients. The Toronto-based bank also introduced a new web-based portfolio analysis tool, Investment Analytics Interactive, which allows clients to customise their own portfolio based on performance, attribution, asset allocation and value-at-risk. At the same time, RBC Dexia has been providing both its fund administration and custody clients with a dedicated information service concerning the important Foreign Account Tax Compliance Act (Fatca). The bank’s website has a dedicated Fatca section and it has structured its Fatca programme to cover new and existing client accounts, tax withholding and reporting.
John Lockbaum, Managing Director, Canada, at RBC Dexia dedicated the awards to the commitment and efforts of his staff. He said: “I’d like to thank them for all their hard work, this is for them.”
Despite being a difficult year for investment managers, fund administrators and custodians... RBC Dexia managed to keep its client servicing standards high and win large new mandates
In 2012, the Royal Bank of Canada bought out the remaining half of RBC Dexia from Dexia, so expect a new name in the second half of the year, assuming the deal is finalised.
RBC Dexia, one of the top 10 global custodians, is strongly capitalised, has a wide global reach and, as it enters a new era, is confident it can manage the fallout from the eurozone crisis. This makes the bank well positioned for future growth.
(Pictured: John Lockbaum, Managing Director, Canada, RBC Dexia Investor Services)