There will be a feeling of considerable relief in the Bank of New York's (BNY) London offices this month, at the end of a year that has delivered mixed fortunes to the world's largest custodian, now reported to have nearly $7 trillion (&euro7.91 trillion) of assets under administration.

Things started badly in 2000, with Kate Homewood (head of UK sales), Patrick Flynn (operations) and Wilson Leech (head of retail fund administration) all quitting. Integration of the RBS Trust Bank staff, systems and clients was proving to be an awful lot tougher than was the case with many of BNY's other acquisitions.