JPMorgan, State Street, May Face Standard Chartered Fallout
Furthermore, Hintz writes that "in every market where there are credible alternatives, global custodians typically maintain arrangements with more than one agent bank," citing a conversation with British custody consultant Richard Greensted.
Calls to spokespeople for State Street and JPMorgan were not returned.
Following JPMorgan and State Street, the global custodians with the next-largest exposures were Brown Brothers with seven countries, and Citigroup(C) 's Citibank unit, with five. Spokespeople for those companies had no immediate response to questions.
Hintz also cited Citigroup, along with Deutsche Bank(DB) and HSBC(HBC) as potential beneficiaries of market share that could be lost by Standard Chartered, though he noted that "for firms of this size, it seems somewhat unlikely that one or two new sub-custody mandates in Africa or Asia will be a meaningful contributor to the bottom line."
-- Written by Dan Freed in New York.
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