Custodians have discovered private equity. If this seems counter-intuitive at a time when the industry is in crisis, consider this: private equity is the last major asset class yet to discover the benefits of outsourcing the back office.

Most members of this global industry, which was managing $2.5 trillion at the end of last year, according to data provider Preqin, are still making their own capital calls, conducting their own valuations, preparing their own accounts and reports to investors, auditors and regulators, and buying and operating their own technology. But, as ever, this is not an opportunity custodians identified for themselves.