Despite challenging market conditions, the global custody product remains robust, according to an annual survey by UK-based R & M Consultants showing that overall satisfaction among 850 fund and pension managers with this product is at a record high.

According to the managers surveyed, three European banks - Credit Suisse, UBS and RBC Dexia- rank top of the most popular global custodians. Both UBS and Credit Suisse offer a product very much geared to their domestic market, unlike most of the other participants in the survey, who have a global client base.

"Those of us associated with the industry have recognised for a long time that this product, the backbone of investor services, has always represented steady revenues for the banks and a solid platform from which other services can be offered. Even in these extreme times, they have not suffered mechanical failure but have continued to service clients to the best of their ability. It's not often you can say that about banks these days," said Richard Hogsflesh, managing director of R & M Consultants.

With increased scores over last year’s results there is only the tiniest of gaps between Credit Suisse and UBS, and a country full of satisfied clients. Coming in third place is RBC Dexia, despite emerging first in three of the four geographic regions surveyed.

Next was Swiss private bank Pictet, which was the North American respondents' first choice and picked second by

UK wealth managers.

R & M Consultants was established in 1992 and specialises in providing market research to financial institutions, regularly undertaking satisfaction surveys.