Banking scandals are nothing new, but soon one thing will change: establishing who is liable when something goes wrong. And so the plumbing that underlies the world’s investable assets – the global custodians and their sprawling network of sub-custodians – is adapting to a new era of regulation.
“The industry has become increasingly driven by risk management and regulation,” says Chandresh Iyer, head of global custody and investment services at Citi.