The custody industry is keeping a close eye on HSBC Securities Services. When Cian Burke and Drew Douglas were made co-heads of the global business in April 2010, it fell under the now-disbanded global transaction banking division, and had a strategic reporting line into global markets. At the beginning of 2011, it moved into global banking and markets, and is recruiting other heavy hitters.

One source in the custody market, who asked not to be named, said the recruitment of two high-profile industry veterans in the past year or so was "a big spend if [HSBC] is not going to make waves in custody".