Although the Channel Islands' history is as a fund administration centre for European-based fund groups, they are increasingly becoming a favoured destination for international fund managers. Many of these new entrants have sought a custodian with a lengthy track record and an established network. RBC Wealth Management in the Channel Islands has been providing custody services on the islands for 40 years and has built a broad client base incorporating corporate, institutional and private clients
The group has continued to grow its assets under custody in 2011, moving from €23.1 billion in September 2010 to €26.2 billion in September 2011, an increase of 14%. Assets under administration are now higher than pre-crisis levels. RBC Wealth Management’s client base is geographically diverse and incorporates many of the fund promoters from the US, Asia and emerging markets that have moved to the Channel Islands in recent years. It now operates 4,569 custody accounts.
Clients cite the group's long history and depth of experience as part of its appeal. The stability of the service team and resulting quality of service has also been an important factor in attracting and retaining clients.
RBC Wealth Management’s delivery of segregated account and multi-currency custody solutions has been important for clients. For example, it has consolidated its client reporting function for segregated mandates with multi-investment managers. Clients can now appoint multiple investment managers to the same account, but ensure each manager can only view their own portfolio. Clients have full access to the account and reporting at both the manager and account levels.
As with its proposition globally, RBC Wealth Management has continued to leverage its global network to provide improved services to local clients. It has partnered with its affiliates to launch new products, for example, in 2011, it launched a custody proposition for Bahamian Smart Funds, with its trust company in the Bahamas as administrator. It also worked with RBC Dexia to offer an offshore/onshore custody platform to UK wealth managers and family offices.
At a time when the strength of financial institutions is under the spotlight, having RBC as a parent company has also been a notable advantage. It is Canada’s largest financial institution and is one of the world’s 20 largest banks by market capitalisation.
Alan Brint, head of RBC Wealth Management’s Corporate and Institutional business, said: “Innovation in the way we provide tailored solutions for clients is at the heart of our offering, and this recognition from a well-respected custody publication is testament to the great work that the team is doing day in and day out. What has been pivotal to our success is our ability to leverage the financial strength, ability and network of expertise across RBC, enabling us to offer clients a market-leading offshore custody platform, and we look forward to building on this achievement.”
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