Amid a rapidly changing global economic environment, asset owners and investors seek to transition away from the traditionally dominant US financial market and switch to more diversified investment strategies.

This is the biggest trend that the board of editors of The Asset has discerned from the submissions, pitch meetings, and client calls that formed part of The Asset Servicing Awards 2025. ( This is in addition to the other regional trends that were cited when we announced country winners for best subcustodian, domestic custodian, and fund administrator awards.)

Asset service providers, such as custodians, fund administrators, and investment operations firms, are expected to play a pivotal role in helping their clients navigate this complex shift away from the US market, which has always been considered the centre of gravity for global markets.

The saying that “when the US sneezes, the rest of the world catches a cold” suggests that, given its sheer size and global economic linkages, a slowdown in its economy or a downturn in its equity and bond markets could have severe spillovers globally.

While this has been a long-standing phenomenon, recent developments, particularly the uncertainty over US tariffs, has made it obvious to asset owners and investors that excessive demand for US treasuries, which make up a huge chunk of their portfolios, is overvaluing the US dollar and may result in higher US-centric investment risk.

It's still early days. While the US will remain a dominant force in global markets, investors are already seeking better diversification, more attractive valuations, currency advantages, and a hedge against US-centric risks.

Because of their global scale, as well as their regional and local networks and servicing capabilities, asset service providers are expected to play a crucial role in developing new asset allocation strategies.

In this scenario, asset service providers are expected to provide investors and asset owners with infrastructure that will provide access and custody across domestic, regional and global markets. Asset service providers are also expected to deliver investment data, risk management information, and regulatory updates. They also need to offer tools for hedging, ESG alignment, and digital assets.

Some service providers have been tweaking their business models to help clients adapt to this gradual shift away from a US-centric focus.

BNY Mellon, for example, has secured a licence to establish a regional headquarters in Saudi Arabia, aligning with the kingdom’s strategy to become a key financial hub and underscoring the bank’s commitment to supporting clients in the potentially lucrative markets of the Middle East.  

State Street, on the other hand, has acquired Mizuho Financial Group’s global custody and related businesses outside Japan, which includes the integration of the Japanese financial giant’s Luxembourg-based operations, thus expanding the US firm’s presence in both Japan and the European Union, while allowing MIzuho to leverage State Street's global platform and expertise to better serve it's clients' overseas investment requirements.

Northern Trust has also been successfully expanding its asset servicing capabilities beyond the US, particularly in Singapore, Australia, Luxembourg, and the UK, by focusing on automation and scalability, including applying advanced technologies to automate processes, making the business more scalable and profitable.

Regional asset service providers, such as DBS, Deutsche Bank, HSBC and Standard Chartered, have also been tweaking their business models and strategies in response to the evolving requirements of their clients.

It is in this context that we at The Asset are announcing the regional winners and nominees of the Asset Servicing Awards 2025. These awards form part of The Asset Triple A Sustainable Investing Awards for Institutional Investors, ETFs, and Asset Service Providers 2025. The winners of the categories with nominees will be announced at a gala dinner to be held in Hong Kong on June 19, 2025 where all the winners will be feted.

WINNERS

BNP Paribas

Best ESG Custodian, Best Subcustodian – Broker-dealer, and Best Fund Administrator – Hedge Funds

BNP Paribas’s Manaos sustainable data platform has been gaining traction among asset owners and asset managers in Asia-Pacific. In addition, BNPP launched its ESG investment compliance monitoring service in Australia and New Zealand to assist local asset managers and owners in aligning their portfolios with ESG objectives and ensuring compliance with evolving sustainable finance regulations.

The bank also maintained its market-leading rankings in key broker-dealer markets in Asia-Pacific, particularly in Australia and Hong Kong, while strengthening and adding clients to its third-party clearing and execution-to-custody offerings.

BNP Paribas’ acquisition of HSBC’s fund administration unit for hedge funds, in addition to its existing capabilities and client base, has made it the acknowledged leading fund administrator for hedge funds in the region among its peers.

State Street

Best Global Custodian, International Clients, and Best in Securities Lending

In global custody, State Street continues to be the leading asset service provider for asset owners by supporting their global expansion through leading solutions in ESG, data and analytics, and private markets, and by offering a wide range of technology-driven solutions. State Street also launched Shariah-compliant global custody and fund administration services, catering to institutional investors in Southeast Asia, including Malaysia and Brunei.

In securities lending, State Street remains the leader in both principal lending and agency lending in the region by providing comprehensive financing solutions that reflect its commitment to efficient and reliable securities lending operations.

Citi

Best Global Custodian, Asia-based clients

The bank has won major global custody mandates in Korea and Taiwan from non-traditional clients ( who are not central banks or sovereign wealth funds ), demonstrating its expanding capability and commitment to supporting Asian clients in their global custody requirements. Citi also services Asian central banks and sovereign wealth funds who are becoming more sophisticated in their global custody requirements. It remains a major global custodian for asset owners in mainland China.

Standard Chartered

Best Domestic Custodian

Standard Chartered is recognized as the Best Domestic Custodian in Bangladesh, India, Thailand, and Vietnam, as well as Highly Commended Domestic Custodian in South Korea, covering more markets than their closest competitor and making it the leading domestic custodian in the region. Its strength as a domestic custodian lies in its deep local presence, regulatory expertise, robust technology, and comprehensive services.

HSBC

Best ETF Custodian, Best Fund Administrator – Retail Funds, and Best Fund Administrator – Private Assets

HSBC is the go-to custodian for ETF managers in the region, particularly in Hong Kong, Singapore and Korea, where it won the bulk of new mandates in 2024.

The bank is recognized as Best Fund Administrator – Retail Funds in Hong Kong, India, Indonesia, the Philippines, Qatar, Saudi Arabia, Singapore, Taiwan, and Thailand, making it the leading fund administrator for retail funds in the region.

HSBC’s deep knowledge of private equity, real assets, and credit structures, advanced platforms for private asset workflows, as well as its integrated business model for custody, banking, and fund administration, make it the go-to provider for private asset fund administration in the region.

NOMINEES

The nominees for Best in Asset Servicing are: BNP Paribas, BNY, Citi, DBS, Deutsche Bank, HSBC, Northern Trust, Standard Chartered, and State Street.

The nominees for Best Custodian are: BNP Paribas, Citi, HSBC, Northern Trust, Standard Chartered, and State Street.

The nominees for Best Subcustodian are: Citi, Deutsche Bank, HSBC, and Standard Chartered.

The nominees for Best Subcustodian, Global are: Citi, Deutsche Bank, HSBC, and Standard Chartered.

The nominees for Best in Corporate Trust are: China Construction Bank ( Asia ), Citi, Deutsche Bank, and HSBC.

The nominees for Best DR Bank are: BNY, Citi, and Deutsche Bank.

The winners will be honoured at a gala dinner to be held in Hong Kong on June 19 2025.

To see the full list of regional asset servicing winners/nominees 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