Since R&M Consultants conducted its first client satisfaction survey in 1992 we have seen many changes in the global custody industry and each year's results have revealed many of these to onlookers.

First, there has been the disappearance of a number of well known names from the roll of honour as senior management teams have decided to pull out of the business or the banks themselves have merged with others. Bank of America, Bank of Boston, Lloyds, Royal Bank of Scotland, Chemical, Bankers Trust, First Chicago, Barclays and NatWest have all previously appeared in the survey - and then disappeared. Then, of course, there is JP Morgan, the only name to have reappeared after an absence of a few years.