Growth in assets under custody slowed in Q3 2026 across the major global custodians.
BNY, State Street, JP Morgan and Citi all kept double-digit year-on-year gains, but each posted a slower annual rate than in Q2, and sequential moves ranged from a 2% decline to a 2% rise. BNP Paribas, which reported on 28 October, recorded the fastest revenue growth of the five, up 17.6% year-on-year, even as its own AuC/A rose just 2%.
BNY closed the quarter with $63.4 trillion in assets under custody, up 1% on Q2 and 10% year-on-year, down from 12% annual growth in the previous quarter. BNY attributed the increase to higher market values, net client inflows and net new business, partially offset by a stronger US dollar. Securities Services revenue of $2,820 million was flat sequentially and up 15% year-on-year.
State Street’s Investment Servicing AUC/A rose 2% quarter-on-quarter and 15% year-on-year to a record $59.2 trillion, mainly on higher market levels, net new business and flows. Servicing fee revenue of $1,492 million was up 2% sequentially and 10% year-on-year, driven by organic growth and higher average market levels. State Street also announced an agreement to acquire the Santander CACEIS Latin American securities services joint venture, and won its first Wealth Services mandate with a large US registered investment adviser.
JP Morgan reported $44.1 trillion in AUC, down 2% on the previous quarter’s $44.9 trillion but up 10% year-on-year, compared with 18% annual growth in Q2. Securities Services revenue of $1.6 billion was up 14% year-on-year but below Q2’s $1.7 billion. The bank attributed the annual gain to higher market levels, client activity, deposit balances and deposit margins.
Citi’s preliminary AUC/A held at around $35 trillion, flat on the previous quarter and up 16% year-on-year, compared with 22% annual growth in Q2. Securities Services revenues of $1,712 million were up 4% quarter-on-quarter and 13% year-on-year, with non-interest revenue up 13% to $911 million and net interest income up 14% to $801 million.
BNP Paribas said Securities Services revenues reached €912 million, up 17.6% on Q3 2025 but down 1% on the previous quarter, with core fees, net interest income and FX all strongly up while slipping 1% on the previous quarter. Assets under custody and administration grew more modestly, up 2.03% to €18.2 trillion. The bank credited the quarter largely to the successful onboarding of new clients, and reported mandates across segments and geographies.
