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Master custody

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Rate your providers on up to 6 service elements
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Reconciliation across multiple managers

This refers to circumstances where a client has multiple investment managers and a single global custodian. The custodian takes responsibility for reconciling its records with those of each investment manager, relieving the client of this administrative burden.


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Consolidated reporting across multiple managers

The service provider aggregates positions across multiple asset managerment firms to provide a consolidated view for a client.


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Consolidated reporting across multiple custodians

This refers to circumstances where a client has multiple global custodians (appointed by itself and/or its investment managers). While the client deals with each custodian individually, reliance is placed on just one custodian for reporting purposes. This custodian takes responsibility for aggregating the records of all custodians and producing composite reports.


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Prime custodian

This refers to circumstances where a client has multiple global custodians across a range of portfolios. One custodian contracts with the client to take responsibility for managing the other custody relationships.


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Master trust reporting

For a large group of corporations, a multinational or a big fund management group, the management of individual portfolios for each fund can be unwieldy and expensive. Master Trust entails running a small number of portfolios which invest for the benefit of all of the funds. Each plan owns part of each of the common portfolios. The administration of a Master Trust arrangement is complex - allowing managers to benefit from scale economies and to manage the composite position, but collecting certain economic benefits (notably, in an international context, tax entitlements) and reporting for each distinct legal entity.


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Pension pooling

The service provider helps establish, and administers, pension pooling arrangements. These typically involve a multinational group having its varous country pension plans hold units in a series of investment pools (each having distinct investment objectives) as a means of achieving economies of scale over the traditional arrangement of each country's pension plan investing independently. The service provider will provide reporting at the level of the investment pools and the pension plans. It will be desirable for the structure to be transparent for tax purposes, in order to avoid losing the tax advantages of each pension plan. This could be achieved by virtual pooling (if wider legal and regulatory issues permit) or by using a legal vehicle (for example, a Luxembourg Fond Commun de Placement which provides a low-cost environment and, subject to gaining requisite tax opinions/rulings, is generally considered a 'look-through' vehicle for tax purposes).


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