Who is the best custodian in the world? Traditionally, the answer to that old chestnut has been that it depends on what you are looking for. Do you want scope and scale or personal service; cheap and cheerful or expensive and sophisticated; core custody or all the bells and whistles; global coverage or local expertise? Theoretically, every option gives you a different answer.

It has always been a sine qua non of the business that size and service are directly correlated: the bigger the custodian, the worse the service. Only so-called specialists can offer the type of attention that some clients demand. But that theory may no longer be watertight. Even accepting for the fact that Pictet, a true minnow in the custody ocean, remains streets ahead in terms of its quality of service across all sectors, there are strong indications that much bigger and uglier fish can also deliver consistently high levels of service.