JP Morgan largest Luxembourg custodian, State Street creeps up

JP Morgan Bank has maintained its position as the largest custodian and fund administrator by assets for the eleventh year in a row, but State Street’s position is on a par for custody and it has edged up into second place for administration.

With over $500bn in assets under custody and an 18% share of the Luxembourg market, JP Morgan remains the largest custodian and administrator in the region by its assets, the latest Lipper Luxembourg Fund Encyclopaedia showed.

As at 31 December 2010, the major bank’s Luxembourg assets under custody stood at $533bn and assets under administration were $405bn.

State Street however held the same position as JP Morgan for custody, despite holding almost 50% less assets.

It also moved into second place for fund administration, surpassing RBC Dexia and edging behind JP Morgan, thanks in part to acquisitions including Italian Intesa Sanpaolo’s securities services business in May last year.

Total Luxembourg-domiciled assets were to the tune of $2,955.2bn at the end of 2010.

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