Chase is the world's largest global custodian - another example of the positive efffects of the merger with Chemical - with total worldwide assets under custody of $4 trillion. The merger brought with it additional client assets, but also strengthened areas such as broker dealer clearing and securities lending where Chase had previously been relatively less strong.
Chase has global custodian capability almost anywhere where there is an equity market. It added eight markets in 1996 to bring its coverage to 70 and there are plans to open a further 10 in 1997, particularly in emerging markets.
Chase has sought to improve the service it offers to customers in established markets - for example, it has introduced Chase Analyzer, a sophisticated performance analysis system, to its European clients. There was also, however, a huge push for new business in 1996, resulting in contracts for $340 billion from companies worldwide. As a result, cross-border assets under its custodianship exceeded $1 trillion for the first time.
Top tier Bank of New York BONY is one of the few financials to have been upgraded by credit-rating agencies Standard & Poor's and Moody's and its healthy profits have a lot to do with the fact that its global custody business is going through the roof, with assets under custody worldwide at over $3.1