All those who reach global custody's hall of fame - like Colin Grimsey of Chase and Marsh Carter of State Street - share a common characteristic: they are passionate about the business. Regardless of how boring it can sometimes be (and anyone who has processed withholding tax reclaims will know the outer frontiers of tedium), the truly great pioneers have all been industry evangelists, spreading the word at every possible opportunity.

There are few who would gainsay that as a fitting description of Terry McCaughey, who recently stepped down from his role as European chief operating officer for Deutsche Bank's global securities services business. McCaughey - once accorded almost regal status by Investors' Chronicle in an article entitled Midland Meets its Prince - cut his custody teeth in the Far East, ending up as the head of HSBC's Asian custody business before being parachuted into London to try and salvage something from the wreckage that had become Midland Securities Services (MSS), the trust and custody operation of the British bank that HSBC had bought.