Like a Victorian debutante's chaperone, consultants are increasingly to be found at the side of their institutional fund charges, offering protection and support as they step out into the perilous custody market. Appointing a custodian is becoming more complex and bewildering as the range of services expands to meet the requirements of institutional investor clients.

Hence the need to bring in the experts. Kevin Sims, managing director of PFP, which provides global custody consultancy services, says: "An increasing number of institutional investors have recognised the manifold benefits of appointing their own independent global custodian, but they do not necessarily have the knowledge or experience to judge potential candidates and the vast array of service propositions for themselves, without assistance and guidance."