They rate orchids, they rate the best- and worst-dressed, why not rate custodians?
Standard & Poors and
Thomas Murray think they're up to the task. The duo will introduce what they call a "rating concept" at Thomas Murray's Global Custody Conference in Hong Kong on Friday.
The intent is to rate global and domestic custodians. The ratings will be based on business credentials, service capabilities, operational infrastructure, and the ability to protect clients from operational losses.
These ratings require the cooperation of custodians in order to obtain data. "We can't do this on the basis of public information," says
Mark Bachmann, managing director for financial institutions for Standard & Poor's. "We have to go in and do full, on-site due diligence." No custodians have signed on to date, but Bachmann says they're having "active discussions with several.
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