What Was The Size of Custody Assets Managed By The 5 Largest Custodians At The End of 2016?

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Bank of New York Mellon

The 4 largest global custody banks held an estimated $100 trillion in assets under custody and administration (AUC/A) at the end of 2016. Notably, the four largest custody banks are all based in the U.S., with the largest non-U.S. custody bank – BNP Paribas – ranking fifth with a much smaller asset base.

Custody_QA_AUCA_16Q4

While BNY Mellon and State Street report total AUC/A figures as a part of their quarterly earnings, JPMorgan and Citigroup exclude assets under administration (AUA) from their reporting – providing only AUC numbers. The table above assumes that JPMorgan has $4 trillion assets under administration. [1] The AUA figure for Citigroup is taken as $1.6 trillion. [2] Removing BNY Mellon’s $3.5 trillion in AUA and using the reported AUC figures for the other banks, we get the following table:

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Custody_QA_AUC_16Q4

As the global custody banking industry is roughly $180 trillion in size, this indicates that the big-4 custody banks have a market share of almost 50%. BNY Mellon leads with a global market share of more than 14%. You can see how changes to BNY Mellon’s assets under custody/administration impact our price target for the bank by modifying the chart below.

See full Trefis analysis for BNY Mellon | State Street | JPMorganCitigroup

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Notes:
  1. Assets Under Administration, fundservices.net []
  2. Citigroup Website []