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Article: State Street, Bank of New York dominate fund custody. (State Street Bank and Trust Co., Bank of New York Company Inc., custodianship of bank-managed mutual funds)(Mutual Fund Roadmap)
- Article from:
- American Banker
- Article date:
- June 26, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If you're going to run a mutual fund, you're going to need someone to hold and keep tabs on all the securities that make up the portfolio. That someone is known as a custodian.
Custody is a low-glamour, high-volume, technology-intensive business long dominated by commercial banks. Bostons State Street Bank and Trust Co. leads the pack, with $2.4 trillion in assets - including $1.1 trillion in mutual funds - under custody worldwide.
In the narrower field of providing custody, services to bank-managed mutual funds, Bank of New York Co. commands the lead. As of March 31, it served as safekeeper for $91.6 billion in bank proprietary funds - 22% of the fund ...