The global investment landscape is undergoing a subtle but significant shift, with Asia’s growing economic clout challenging the traditional dominance of US markets. As investors navigate volatile conditions, many are looking to diversify into Asia-Pacific assets. 

In early April, rising treasury yields coincided with equity market declines – a scenario that repeated aspects of the inflationary turmoil in 2022. Against this backdrop of uncertainty, Asia’s relatively robust growth prospects and deepening capital markets are drawing attention. Asset managers are increasingly allocating to the region, driving demand for custody banks to enhance their APAC servicing capabilities.

Custodians are responding by bolstering their on-the-ground presence and technology infrastructure in key Asian financial hubs like Singapore and Hong Kong. The growing importance of insurance clients and the expanding client base of asset managers have created new business growth drivers for custodian banks in the region.

It is in this context that The Asset announces the winners of the Best Custody Specialist Awards. This is part of the Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2025.

Northern Trust

Best Custody Specialist, Asset Managers

During the review period for the awards, Northern Trust won several  asset manager mandates covering multiple markets in Asia. It made significant progress, especially in markets such as Australia and New Zealand, resulting in a growing client base.

Standard Chartered

Best Custody Specialist, Digital Assets, Highly Commended

Best Custody Specialist, Insurance, Asia and Hong Kong

Best Custody Specialist, Africa

Best Custody Specialist, India, Gift City

Best in Escrow Agency

To help clients navigate an increasingly complex financial landscape, Standard Chartered has been introducing new products and solutions. It has made solid progress, especially in the digital custody offering. During the awards period, it won multiple mandates and partnerships with digital asset market leaders such as OKX.

The bank continues to build out its propositions for the insurance client segment, winning mandates in key markets such as Hong Kong and capturing growing demand in Asean markets. In Africa, Standard Chartered has seen remarkable growth, with the number of mandates won from foreign investors in the region increasing by almost 40% as global interest in the region’s financial markets continues to rise.  In India, the bank holds a dominating market share of 46% in GIFT City, the country’s international financial services hub.

Standard Chartered’s escrow agency services provide an array of commercial trust solutions to enable various transactions such as acquisitions, financing, or day-to-day commerce. It conducts several hundred client engagements each year across various use cases, legal frameworks, and levels of tech enablement. Real-life case studies highlight its product innovation, wide network, deep expertise, and capabilities in enhancing client experience.

DBS

Best Custody Specialist, Mid-tier Asset Managers

Best Custody Specialist, Digital Assets, Winner

Best Custody Specialist, Insurance, Indonesia

DBS has demonstrated its commitment to meeting client needs on digital assets by broadening partnerships and strengthening products and services. With more than 80% year-on-year growth in assets under custody and 190% rise in transaction volume, the bank continues to be a leader in the digital custody space.

Its capabilities in servicing the needs of mid-tier asset management clients have been widely recognized through client calls and written testimonials. In Indonesia, DBS provides custody services to the top five insurance clients in the market, bolstering its market share.

Citi

Best Custody Specialist, Financial Market Infrastructure

Best Custody Specialist, Insurance, Taiwan

Citi provides connectivity to financial market infrastructures ( FMIs ) through initiatives such as partnerships with Korea Securities Depository ( KSD ) and providing global custody services to Taiwan Depository & Clearing Corporation ( TDCC ). It has been at the forefront of advocacy, working with local FMIs such as Hong Kong Exchanges and Clearing ( HKEX ) and the Central Moneymarkets Unit ( CMU ) as well as bodies such as the Asia Securities Industry & Financial Markets Association ( Asifma ). The bank continues to provide custody services to a dynamic insurance client base in Taiwan, providing custody services to all the top 10 insurance companies in the market.

Nuvama

Best Custody Specialist, India, Quant Funds

Nuvama excels in providing seamless market access for global investors. As a non-bank service provider, it leverages its deep local expertise to provide tailored solutions to clients. A dedicated service provider in the Indian market, the company has displayed strong capabilities in servicing quant funds, as recognized by clients through written testimonials and client calls.

HSBC

Best Securities Lending Specialist, Corporates

Best Transfer Agent

HSBC has been offering comprehensive one-stop solutions for securities lending clients. Leveraging its subcustody network and expertise to understand on-the-ground market developments, the bank continues to demonstrate its capabilities in servicing corporate clients, in particular. With an automation rate of more than 95%, HSBC offers outstanding transfer agent service in the region. Last year, the bank saw business growth in markets such as Hong Kong, Taiwan, Malaysia, and Australia.

Maybank Securities Singapore

Best Prime Broker, Singapore, Rising Star

As the only Singapore-based investment bank to offer prime brokerage services in the local market, Maybank Securities Singapore provides a platform that supports asset managers in execution, sales trading, clearing, financing, securities lending, custody, and research services.

To see the full list of custody specialist awards winners 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.