Royal Trust Global Securities Services is to become a direct participant in Crest, the electronic settlement system for UK and Irish securities. Royal Trust currently uses The Bank of New York as its UK custodian and expects to make the transition in the second half of the year.

'Crest membership is an essential part of Royal Trust's international growth strategy,' says Paul Stillabower, managing director of Global Securities Services in London. 'Our goal is to provide a global platform of integrated securities solutions to bank and fund manager clients.' He adds: 'Europe is a key target for Royal Trust and the UK is one of the most significant markets serviced by our business.'