RBC-DEXIA SEES THE SILVER LINING

摘要

To say it is business as usual for custodi-ans is putting it a bit strongly. But today's market turmoil affects them much less than it does their hard-pressed clients. These providers of the infrastructure of securities distribution take minimal risks, so they make comparatively limited returns during the good times - and this is when they are regarded as dull. However, during the bad times, when markets are volatile and investment firms are floundering, custodians can stand back and notch up their fees for transacting trades and restructuring the battered portfolios of hedge funds or pension funds and investment vehicles. During these times, global custodians look positively exciting.