Everyone in the business knows when big mandates are handed out. Recently, M&G, part of Prudential, awarded the bulk of its unit trust custody to Chase, with the non-unit trust work going to Royal Trust.

Chase has also benefited from a decision by Henderson Investors, part of AMP, to consolidate all its unit trust custody with a single provider. Citibank was a similar beneficiary at the end of last year when Gartmore went through the same process.