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Thomas Murray's Sub-Custodian Monitoring service assists banks in meeting regulatory, fiduciary, client, and internal obligations for the periodic review of their appointed sub-custodians, while sharing costs with other Thomas Murray clients. The service supplements banks’ own operational review processes while helping them to reduce the expense and disruption of having employees away from the office. Thomas Murray's work covers all markets/agents used by our clients, and includes on-site operational reviews for all locations.
The service provides:
- A proprietary Sub-Custody Rating Report on all third party sub-custodian(s). The ratings are then maintained with the agents and on-going changes are advised to clients accordingly. Over 190 reports are currently maintained, with more added to meet client requirements.
- Call reports from on-site visits to the appointed local agent and two other major local sub-custodians, which can be agreed in advance. Thomas Murray's specialists visit all client markets on a rolling 36 month cycle, and cover 25-30 markets each year.
- Call reports from visits to the local market CSD(s), Central Bank, Exchange, and Regulator, where possible.
- Access to responses to Thomas Murray’s annual Sub-Custodian Monitoring Questionnaire, held in SupplierSelect for Financial Services Online RFP Tool. This comprises approximately 400 questions, capturing the capabilities and legal representations of agent banks. Clients can add additional questions to support internal or regulatory requirements.
- Access to responses to generic client questions for each of the sub-custodians, issued annually. Client-specific questions are covered during on-the-ground operational review visits, but may be released to sub-custodians for completion in advance of visits.
If you would like to subscribe to this service, or are interested in learning more about it, please contact:
Derek Duggan at dduggan@thomasmurray.com or call him on +44 (0) 20 8600 2300
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