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As asset owners and asset managers face strong pressure from highly challenging domestic and regional markets, asset service providers in Asia-Pacific ( APAC ) are quietly tweaking their business models and strategies in response to the evolving requirements of their clients.
Although asset servicing providers in the region experienced a record year in 2024, marked by significant growth across various sectors, their clients continued to face a complex set of challenges driven by global macroeconomic uncertainty, regional geopolitical dynamics, and evolving sustainability and regulatory expectations.
Regional trends
One major trend in the asset servicing space is the emergence of start-up and middle-level asset managers with less than US$1 billion in assets under management ( AUM ) as a major client base. Although this client base has been around for a while, it became obvious in 2024 that the major regional and global asset service providers are veering away from servicing this client base due to economies of scale.
Although the major regional and global asset service providers may still accept such clients on a case-by-case basis, it was only DBS who has the business strategy of aggressively going after such clients across all the markets it covers.
Another major trend is the emergence of domestic clients, other than central banks and sovereign wealth funds, who are using the services of a global custodian for overseas investments. This is the case for Citi, which was selected by the Taiwan Depository & Clearing Corporation ( TDCC ) to provide global custody services for its new centralized custody platform. It was also selected as global custody provider for NH Investment & Securities Co., Ltd. ( NHI&S ), the first Korean broker-dealer to offer such services on offshore assets.
In transfer agency, asset service providers are beginning to leverage digital technology to enhance their services in what is still a heavily manual process in many domestic markets. This was evident in Standard Chartered rolling out its transfer agency solution powered by digital ledger technology ( DLT ) for Franklin Templeton in the United Arab Emirates ( UAE ), the first DLT-powered agency mandate announced by any service provider in the region in 2024.
Another trend is insurance companies switching their custody requirements to non-US service providers in certain markets. Although these mandates have not been publicly announced, it is widely acknowledged that ongoing risk management and geopolitical uncertainties have fuelled this switch.
The remarkable growth of exchanged-traded funds ( ETFs ) is another trend that has highlighted the strength of asset service providers who have strong capabilities in ETF custody services. In South Korea, the ETF market grew by 43% to 173.1 trillion won ( US$129 billion ), while in Taiwan, the ETF AUM grew by 66% to NT$6.41 trillion ( US$200 billion ) in 2024.
China trends
In China, the asset management and servicing industry faced pressure amid geopolitical tensions, regulatory constraints, and evolving domestic demand. Cross-border asset servicing has been particularly affected, with some asset owners and managers shifting away from global providers – especially those with a US background. This trend reflects growing caution over geopolitical risks, benefiting European custodians and Chinese banks expanding their global servicing capabilities.
Despite strong demand for global asset allocation, tight QDII ( Qualified Domestic Institutional Investor ) quotas have pushed asset owners and asset managers to explore alternative channels. The QDLP ( Qualified Domestic Limited Partner ) scheme has seen robust growth, while the Mainland-Hong Kong Mutual Recognition of Funds ( MRF ) programme is expected to gain traction as another workaround.
Inbound investments are also rising, with 72 QFI ( Qualified Foreign Investor ) accounts opened last year, many by corporate clients. Chinese banks are capitalizing on this trend, enhancing cross-border services to attract more international business and boost their revenue.
Domestically, the private fund market faces pressure from weak market conditions and regulatory tightening. Securities firms have been focusing on servicing private fund clients. However, opportunities are emerging in government-guided funds, where banks hold an edge due to their extensive branch networks and strong local government ties.
Meanwhile, mutual funds, particularly broad-based ETFs, have experienced remarkable growth. Both banks and securities firms are aggressively competing for new ETF mandates, making this segment a key revenue driver for the next year.
It is in this context that we at The Asset are announcing this year’s winners of the Asset Servicing Awards and the Mandate Awards. These awards form part of The Asset Triple A Sustainable Investing Awards for Institutional Investors, ETFs, and Asset Service Providers 2025.
ICBC
Best Custodian, China Onshore – Bank; Best Custodian, Insurance
As the largest asset servicing provider in China, ICBC continues to grow its business by double digits, especially powered by impressive growth in servicing cross-border clients under QDII and QFI, as well as capturing growth opportunities in ETF and local government-guided funds. The bank continues to provide outstanding services to large insurance clients while capturing emerging opportunities with smaller insurers, further solidifying its market position as an asset servicing provider in the insurance business segment. Its quality performance success is also supported by solid client feedback via surveys and client calls.
Bank of China
Best Custodian, QDII; Best Custodian, QFI, Highly Commended
As one of the largest service providers for QDII clients, Bank of China has demonstrated its cross-border capabilities and global network by winning a large QDII mandate last year. In QFI, the bank captured about one-fourth of the new clients available in the market in 2024. It has also made remarkable breakthroughs by onboarding clients in the Middle East.
Bank of Communications
Best Custodian, Pension Funds; Best Custodian, ETF
Bank of Communications has enhanced its outstanding service quality for pension clients. This is proven by its winning some of the unique mandates available in the market last year. The bank maintained a strong momentum by servicing the market-leading ETF products launched last year. Innovative and agile, it provided solid distribution support to the ETF providers.
CITIC Securities
Best Custodian, China Onshore – Securities Company, Winner; Best Custodian, Mutual Funds; Best Custodian, Private Funds – Cross-Border Schemes; Best Custody Mandate, China
The firm has provided outstanding services to clients in the mutual funds market. In ETF, the firm serviced some of the market-leading products launched last year, including equity ETFs and bond ETFs. Also, CITIC Securities has been selected by Fidelity to service its first fund of funds in China, Fidelity Renyuan Stable Three-Month Holding Period Mixed Assets Fund of Funds. The client spoke highly of the service quality, and the distribution support also helped the product scale up quickly. CITIC Securities continues to support clients with cross-border demand. It has been servicing most of the WFOE PFM clients in China. Last year, it captured the strong demand in QDLP, taking a major market share.
Guotai Haitong
Best Custodian, China Onshore – Securities Company, Highly Commended; Best Custodian, Private funds
A leading service provider in China, Guotai Haitong services a wide range of clients. Last year, it expanded its business by securing mandates for equity ETFs, gold ETFs and government-guided funds. Despite its large size, the firm continues to grow its business rapidly.
China Central Depository & Clearing
Best in Collateral Management
China Central Depository & Clearing remains a dominant player in the business in China, with an 80% market share. It is servicing over 300 branches of the People’s Bank of China and nearly 2,000 financial institutions. Enhanced services for foreign currency repo represented one of its key business growth drivers last year, and its capabilities received recognition through client calls.
HSBC
Best Custodian, China Offshore; Best Subcustodian; Best Custodian, CIBM Direct; Best Custodian, QFI, Winner; Best Custodian, Stock Connect; Best Custodian, Bond Connect, Winner
HSBC continues to be the dominant player in servicing clients in cross-border schemes as well as the leading subcustodian bank, servicing international investors investing in China. Although regional players and Chinese names are taking up some of the business opportunities in cross-border schemes like QFI, HSBC is still growing despite already having a large client base.
Standard Chartered
Best Custodian, Bond Connect, Highly Commended
With a market share of about 20%, Standard Chartered provides outstanding services to clients under Bond Connect. Despite the geopolitical and market uncertainties, Bond Connect still sees new accounts opening.
CITIC Securities Fund Services
Best Fund Administration Specialist for Private Funds, China Offshore
CITIC Securities Fund Services has been devoted to providing fund administration services to Hong Kong-based private funds with Chinese background. Last year it won mandates from regional as well as global service providers.
HSBC
Best Subcustodian; Best Fund Administrator – Retail Fund, Winner
The bank has maintained the largest market share in both subcustody and fund administration for retail funds. It remains the go-to provider for Hong Kong fund managers and asset owners.
BOCI-Prudential
Best Fund Administrator – Retail Fund, Highly Commended
The firm has grown its assets under administration ( AUA ) by taking a proactive approach to expanding its fund offerings while introducing digital innovations.
BNP Paribas
Best Fund Administrator – Alternatives
The bank has strengthened its capabilities following its acquisition of HSBC’s fund administration for alternatives business. BNP Paribas is now the leading fund administrator for alternatives in Hong Kong.
CTBC Bank
Best Domestic Custodian
With a market share of about 10% and revenue growth of 19%, CTBC Bank is a key player in the domestic custodian space in Taiwan. Unlike many local banks, CTBC Bank, with its market-leading system, has been tapping the opportunities to service cross-border clients which take up about 90% of its total business.
Citi
Best Subcustodian, Winner; Best Global Custodian
With a significant market share, Citi continues to demonstrate its capabilities in Taiwan despite some major changes in the competitive landscape. The bank has maintained its competitive edge in cross-border businesses, helping clients navigate the regulatory environment and growing the business despite its large base.
Standard Chartered
Best Subcustodian, Highly Commended
As one of the top players in the subcustodian space in Taiwan, Standard Chartered’s service capability is proven by winning remarkable mandates like the one from J.P. Morgan. The bank has increased its business in Taiwan significantly and with its solid relationship with local regulators, it will continue to assist clients as a trusted partner.
HSBC
Best Fund Administrator, Retail Funds
With its market-leading system, HSBC continues to be a major fund administrator for retail funds in Taiwan. Being able to provide robust and reliable solutions that enhance performance and mitigate risk. The bank has also been actively further developing its business by expanding the team.
HSBC
Best Subcustodian
The bank is recognized for its exceptional service quality, technological innovation, and deep understanding of local market dynamics, which have given it a good track record as a trusted partner for global investors seeking access to the Japanese market.
Citi
Best Subcustodian, Highly Commended
Citi provides innovative solutions and exceptional service as it seeks to meet the evolving needs of institutional investors.
Citi
Best Global Custodian
The bank continues to demonstrate its outstanding capabilities in providing global custody service for domestic clients who are seeking to invest in overseas markets. This is the first time that this category is being awarded.
HSBC
Best Subcustodian
HSBC strengthens its market leadership through strong performance, extensive network, and enhanced digital capabilities.
HSBC
Best Domestic Custodian, Winner
The bank displays strong capabilities in servicing the requirements of the domestic ETF industry whose volumes expanded substantially in 2024.
Standard Chartered
Best Domestic Custodian, Highly Commended
Standard Chartered remains a strong player in the domestic custody space despite challenging market conditions.
HSBC
Best Subcustodian
The bank is the leading subcustodian in the market due to its global scale, local expertise, robust technology, strong client relationships, and solid performance.
Citi
Best Subcustodian, Highly Commended
Citi won several high-profile mandates in 2024, which significantly expanded its presence and influence in the local securities services market.
HSBC
Best Subcustodian, Winner
HSBC has solidified its position as the leading subcustodian in Indonesia through a combination of operational excellence, strategic partnerships, and recognition from industry authorities.
Deutsche Bank
Best Subcustodian, Highly Commended
The bank achieved significant milestones in the market, including winning back several mandates, and maintained a strategic focus on innovation, client-centric solutions, and sustainable finance.
Standard Chartered
Best Domestic Custodian
With a significant presence in the domestic custody market, Standard Chartered displayed robust performance, technological innovation, and deep market expertise in the Indonesian financial sector.
HSBC
Best Fund Administrator, Retail Funds
The bank solidified its position as the premier fund administrator for retail funds in the country in 2024 through strategic partnerships, innovative product offerings, and digital integration.
Standard Chartered
Best Subcustodian, Winner
Standard Chartered distinguished itself from its peers through superior performance, exceptional service quality, technological innovation, and deep market expertise.
Deutsche Bank
Best Subcustodian, Highly Commended
The bank achieved significant milestones in 2024, including forging a strategic partnership with a leading financial institution that highlighted its strength in Islamic banking, while demonstrating its leadership and commitment to innovation.
Deutsche Bank
Best Domestic Custodian, Winner
The bank continues to win fund management mandates that further reinforce its market dominance.
Maybank Securities
Best Domestic Custodian, Highly Commended
The firm is recognized for expanding its trustee services for individuals and corporates as well as for enhancing digital solutions and providing innovative services to clients.
Deutsche Bank
Best Fund Administrator, Retail Funds
The bank continues to be the dominant player in this space, having launched several strategic initiatives and garnering industry recognition, particularly in the Islamic space.
Standard Chartered
Best Subcustodian, Winner
Reinforcing its leading position in this space, Standard Chartered has established a global business centre that enhances its capabilities to support clients in finance services, cybersecurity, and banking operations.
Deutsche Bank
Best Subcustodian, Highly Commended
The bank has partnered with a leading asset manager that highlights its strengths and capabilities in this highly competitive market.
Citi
Best Domestic Custodian, Winner
Citi remains the dominant market player among domestic custodians in the market by virtue of its strong capabilities in client servicing.
Deutsche Bank
Best Domestic Custodian, Highly Commended
Deutsche Bank continues to win market share among leading domestic asset managers through its technology platform and enhanced digital offerings.
HSBC
Best Fund Administrator, Retail Funds
The bank continues to provide top-tier fund administration services for retail funds through technological innovations.
Standard Chartered
Best Subcustodian
Reinforcing its leadership in the space, the bank has demonstrated its outstanding capabilities, particularly in servicing VCC funds, through innovative fund structures, expanded custodial services, and digital advancements.
DBS
Best Domestic Custodian
The homegrown bank has further advanced its domestic custody offerings through strategic initiatives in digital asset custody, blockchain innovation, and sustainable finance.
HSBC
Best Fund Administrator, Retail Funds
HSBC continues to be the dominant market player in local authorized unit trusts and local real estate investment trusts ( REITs ) as well as ETF fund administration, while winning new mandates.
HSBC
Best Subcustodian, Winner
The bank remains the dominant local player despite a flat market through its enhanced capabilities, advanced platforms, outstanding client servicing, thought leadership and collaboration with industry leaders and regulators.
Standard Chartered
Best Subcustodian, Highly Commended
Standard Chartered continues to compete aggressively despite the flat market through its enhanced product offerings and services.
Standard Chartered
Best Domestic Custodian
The bank maintains its lead in the market, servicing the requirements of domestic fund managers through its outstanding digital capabilities.
HSBC
Best Fund Administrator, Retail Funds
HSBC has significantly expanded its fund administration services for retail funds by aligning with regulatory changes and the evolving needs of asset managers.
HSBC
Best Subcustodian
The bank has maintained its leading position as subcustodian in the fund management and insurance segments through its strong performance as well as superior products and services.
Standard Chartered
Best Domestic Custodian
Strengthening its leading position in domestic custody, Standard Chartered has implemented advanced digital platforms to streamline custody operations and improve service delivery.
Standard Chartered
Best Fund Administrator, Retail Funds
The bank has proactively adopted innovative solutions and automation to drive operational efficiency and enhance client experience.
Standard Chartered
Best Subcustodian, Best Domestic Custody
Although some of the foreign investment in Bangladesh has been seeking better opportunities elsewhere, Standard Chartered has retained its leading position in domestic custody by drawing double-digit new accounts, doubling from the previous year.
Deutsche Bank
Best Domestic Custodian, Winner; Best Subcustodian, Highly Commended
The bank has significantly increased in market share in the custody service business with a double-digit growth in AUC, making India its largest custody service market in the Asia-Pacific region. The boost is backed by data localization, paired with clearing licences for all commodities and a full-fledged suite of product innovation. Deutsche Bank has won a number of custodian and subcustodian mandates, demonstrating profound understanding and knowledge in the Indian market.
HSBC
Best Subcustodian; Fund Administrator, Retail Funds
As a top subcustodian in the market, HSBC recorded robust performance in AUC on the back of proactive engagement in new foreign portfolio investor registration, in addition to a number of new mandates. It also remains one of the leading players in servicing domestic hedge funds.
Standard Chartered
Best Fund Administrator for Alternatives
Standard Chartered is the first foreign bank to set up a branch in the GIFT City branch. It has led the fund administration market, demonstrating its prowess in series-based fund according to AIF and manager-level reports in equity derivatives.
Standard Chartered
Best Subcustodian
The bank continues to maximize its status as the only international bank in Pakistan registered as a limited entity. It has bolstered client acquisition by leveraging forward-looking market insights and competitive edge in the areas of FX and liquidity solutions.
Deutsche Bank
Best Domestic Custodian; Best Fund Administrator for Retail Funds
The bank remains the dominant player in the domestic market despite challenging conditions.
Standard Chartered
Best Subcustodian
Standard Chartered continues to display its outstanding capabilities by servicing the requirements of institutional clients under difficult market conditions.
HSBC
Best Subcustodian
The bank continues to be the largest subcustodian provider in Bahrain in terms of foreign investor base and asset size. It led several breakthroughs in settlement efficiency, procedure streamlining and automation, including revamping the pre-settlement control in the Delivery Versus Payment framework, in order to nurture a favourable trading environment in the market.
HSBC
Best Subcustodian
HSBC remains an active advocate and facilitator of direct communication between Egyptian Central Securities Depository and SWIFT to curb settlement failures. The bank has also focused on regulatory streamlining and innovative solutions to reduce complexities in the subcustodian space, such as through portal adjustment in accordance with the T-Bill tax formula and in-depth discussions with the regulator on simplifying tax documentation requirements.
HSBC
Best Subcustodian
The bank took advantage of the uptick in foreign investors uptick to seize the largest market share in foreign institutional investments. During the year, HSBC recorded a healthy AUC growth, alongside double-digit increment in the number of new accounts. The bank engaged in a number of local market innovations, including a central counterparty system that is set to go live in 2025 after thorough market-wide testing.
Standard Chartered
Best Subcustodian
The bank has maintained its leading position in Oman with double-digit growth in new mandates and robust activities in the IPO market. It has also maintained client confidence with a suite of well-placed post-trade service offerings.
HSBC
Best Domestic Custodian; Best Subcustodian; Best Fund Administrator, Retail Funds
The bank has maintained close collaboration with the Qatar Stock Exchange, introduced a derivatives exchange, assisted in the development of a central counterparty framework for equities settlement, and helped in shortening the settlement cycle to T+2. The rapid evolution of market activities has translated into notable growth in new accounts and key global custodian client onboarding.
On the fund administration side, HSBC Qatar led the discussion around the launch of real estate investment trusts ( Reits ) in the market. It has maintained its competitive edge by offering bespoke foreign exchange and cash management solutions, along with tailored fund administration solutions and hand-holding for new-to-market products.
HSBC
Best Domestic Custodian; Best Subcustodian; Best fund Administrator, Retail Funds
HSBC has achieved double-digit growth in its subcustodian AUC and a doubling of its AUM as a global custodian, reflecting its significant and growing presence in one of the largest economies in the Middle East. It has continued to invest in cloud systems while maintaining a strong bonding with regulators, which allowed it to roll out new products in the region.
The double-digit growth in fund administration was built on strong ties with the top seven asset management companies in Saudi Arabia, and its sizable share of custody of public funds, as well as key mandates from international asset managers, insurance companies and local asset owners.
HSBC
Best Subcustodian, Winner
The robust growth of the UAE market has translated into significant achievements among service providers, with HSBC recording a double-digit growth in AUM. The bank drew thousands of investors as IPOs flooded the market. It also assisted the core system upgrade in Abu Dhabi through operational suggestions and advices.
Standard Chartered
Best Subcustodian, Highly Commended
Standard Chartered’s digital asset custody service has become available in the UAE, attracting a number of prominent asset managers. This has resulted in double-digit AUC growth in its foreign client portfolio.
Deutsche Bank is recognized for its partnership with Proxymity, a ground-breaking platform that provides clients with real-time, transparent, and efficient proxy voting services across more than 60 markets. Deutsche Bank is the first institution in Asia to implement Proxymity's Vote Connect Global ( VCG ) platform.
Standard Chartered is recognized for its implementation of VITAL ( Transfer Agency DLT Platform ) in the UAE to support the growth in retail funds by providing low-cost, highly efficient, and digital transfer agency services. This is the first DLT-powered transfer agency solution launched in the market.
To see the full list of asset servicing winners by market click here.
To view the full list of mandates of the year please click here.
To learn more about these awards please go here.
Interested in joining our awards gala on June 19, 2025 please contact us at celebrate@theasset.com
