Overall Survey Rankings
OVERALL RANKING OF CLIENT SATISFACTION
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2009
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2008
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Trustee
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Score
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1
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6
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8.66
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2
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2
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8.64
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3
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3
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8.52
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4
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1
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8.20
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5
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4
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The Royal Bank of Scotland |
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7.85
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6
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5
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7.65
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INTRODUCTION
We are pleased to present the key results of this leading survey, which measures customer satisfaction by means of questionnaires completed by managers of United Kingdom Authorised Unit Trusts and OEICs (Open-Ended Investment Companies) and by unit holders, with respect to the trustee services provided to them by independent trustees.
For 2009 a new scoring system was introduced, moving from a 7-point scale to a 10-point scale.
RESULTS
The big story is State Street coming from (almost) nowhere to top the table. Yet they're only a whisker above J.P. Morgan.
HSBC suffered a notable fall in their score and ranking, placing them fourth in the table this year. No individual HSBC client noted a deterioration in service, so the decline is attributable to other providers stepping up their game - and the change in scoring method is a factor too.
CONCLUSIONS
J.P. Morgan has set the standard in this market and now the others are catching up. State Street's better performance is the result of a number of internal changes.
Richard Hogsflesh, R & M's managing director, comments: "The 21st century trustee is a much more proactive person, engaging with the fund manager - advising, supporting but still monitoring his activities to ensure they comply with all relevant laws and policies".
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