Background

The review we were asked to execute included a detailed review of the core services that were being provided by the current custodian, along with a review of reporting and client service capabilities. We also carried out an exercise than benchmarked the fee arrangements that were in place, together with a detailed review of the existing contractual arrangements. On top of this we were also asked to provide an independent view of the custody market and who could be considered as an alternative provider should they decide to change provider. The analysis and reporting we provided highlighted several areas where we believed that better quality services and/or improved costs could be delivered.

Our approach

Initial detailed discussions were held with the client to fully understand the challenges the client faced as a result of their relationship with the custodian. Following this we then used our knowledge and expertise of working in the custody industry to benchmark and compare the service and costs that the client was receiving against the arrangements currently in place with a range of UK pension funds. Initial detailed discussions were held with the client to fully understand the challenges the client faced as a result of their relationship with the custodian. Following this we then used our knowledge and expertise of working in the custody industry to benchmark and compare the service and costs that the client was receiving against the arrangements currently in place with a range of UK pension funds.  

Results

Our review highlighted a small number of areas around service quality that were addressed with the custodian and resolved. At the same time we also provided detail of a number of areas where we felt more competitive pricing might be available.