CIBC Mellon Global Securities Services Co and RBC Global Services, Institutional & Investor Services (IIS) have both received “top-rated” status in Global Custodian magazine’s annual Agent Bank Review.

The review rates subcustodians in eight categories: settlement, safekeeping, corporate administration, reporting, account administration, ancillary services, technology, and other (e.g., commitment, fees, etc.).

RBC Global Services has earned the “top-rated” distinction for 15 consecutive years.

According to Dominic Hobson, editor-in-chief of Global Custodian, “RBC is one of handful of banks in our Agent Bank survey to have retained top-rated status without interruption. As one survey client so aptly stated, ‘RBC is a savvy player with demanding clients that has proven its excellence’.”

As for the CIBC Mellon, the survey notes that the company’s “place as a top-rated provider is unquestioned”. CIBC Mellon has ranked as “top-rated” 14 times since the survey’s inception in 1989.

“CIBC Mellon continues to prove to be a formidable competitor in the Canadian market,” said Kay, managing director, Global Securities Consulting Services. “Their clients’ overriding positive responses to this year’s survey solidified CIBC Mellon’s top-rated position.”

Complete survey results are published in the fall 2003 issue of Global Custodian.