Asia's top asset service providers for the year, explained part 2

AsianInvestor's prestigious Asset Management Awards continue to be the benchmark for excellence in Asia Pacific's investment industry, closely followed by asset managers and service providers throughout the region.

In this second instalment, we conclude the reasoning behind our judges' selections for the asset services winners.

Our distinguished judging panel—comprising independent industry experts and senior executives from leading asset owners across Asia Pacific—meticulously evaluated all submissions, providing crucial perspectives in determining our exceptional candidates.

The AsianInvestor editorial team then conducted final assessments to select the ultimate winners in each category.

We were particularly encouraged by the record number of submissions in 2025—our highest participation rate in seven years. The quality of entries sparked engaging discussions among our evaluation panels.

We wish to express our profound thanks to our judges for their dedication and expert assessments. Their discerning insights were essential in identifying the most deserving winners across all categories.

Best Global Custodian for Asset Owners: BNY Singapore

BNY Mellon stood out in 2025 for its growing presence in Asia’s asset owner segment and its role in transforming investment operations for some of the region’s largest institutions.

In Singapore, the firm secured major mandates from AIA, Victoria Funds Management Corporation (VFMC), and Korea’s National Pension Service (NPS) — a trio of landmark wins that drew praise from the judging panel.

“BNY is growing from strength to strength on multiple fronts,” judges said. “These three marquee client wins were outstanding.”

BNY Mellon’s OnCore Middle Office platform supports straight-through processing and operational scalability, while its Data-Vault solution, built on Microsoft Azure and Snowflake, offers real-time insights to institutional clients. AI-driven tools like Eliza continue to push innovation in automation and compliance.

The firm is also playing a leadership role in Singapore’s fintech and digital asset ecosystem, including active participation in the MAS Global Layer 1 initiative.

With a strong regional footprint and an eye on next-generation infrastructure, BNY Mellon continues to set the pace in global custody for asset owners.

Best Global Custodian for Mutual Funds: HSBC Securities Services

HSBC Securities Services took out the Best Global Custodian for Mutual Funds this year, reflecting its unrivalled expertise in fund servicing, technology-driven innovation, and market expansion.

With $5.66 trillion in assets under custody (AUC) and $909 billion in assets under administration (AUA) – representing year-on-year growth of 21.7% and 18.4% respectively –HSBC continued to redefine the industry standard for global fund custody.

Through Project Rubix, HSBC has transformed post-trade operations, enhancing fund administration efficiency by integrating AI-driven automation, reducing manual processes, and launching a global clearing and settlement utility. Its HSBC Evolve platform, now live in 22 markets, empowers fund managers with real-time data access, advanced analytics, and seamless trade monitoring.

The bank has also strengthened its mutual fund order routing capabilities through a partnership with Clearstream, enhancing automated trading workflows across ETFs, alternative funds, and global mutual funds.

In digital assets, HSBC Orion led the issuance of the first corporate digitally native note in Hong Kong, advancing fund tokenisation for institutional investors.

With strategic growth in India, MENA, and Asia-Pacific, HSBC Securities Services remains the global custodian of choice for mutual fund managers seeking market-leading fund servicing, digital innovation, and operational resilience.

Best Index Provider, China onshore: Chinabond Pricing Center

ChinaBond Pricing Center delivered a strong year in 2024, strengthening its position as a key driver of fixed-income indexing in China’s evolving bond market.

“Chinabond is definitely a leader in mainland China,” judges said.

In 2024, CBPC expanded its offerings with 67 new indices, driving a record-high 80% market share in China’s bond index fund sector, with 174 funds managing 742.47 billion yuan. The firm’s innovative thematic indices, covering technological innovation, green finance, and inclusive growth, are also shaping China’s sustainable financial ecosystem.

CBPC’s commitment to data excellence and investor education also positioned ChinaBond Indices as the premier benchmark for fixed-income mutual funds, ETFs, and wealth management products, with 7.5 trillion yuan AUM linked to its indices.

In addition, CBPC introduced advanced performance attribution tools and IOPV (Indicative Optimised Portfolio Value) services, enhancing transparency and market efficiency for bond ETFs.

Internationally, CBPC has deepened strategic partnerships, collaborating with S&P Dow Jones Indices to provide global investment benchmarks and expanding index-based products across the US, Europe, and Asia.

With double digit revenue growth and sustained innovation, CBPC continues to lead China’s bond index evolution, delivering benchmark excellence for domestic and international investors.

Best Index Provider, International: S&P Dow Jones Indices

S&P Dow Jones Indices (S&P DJI) continues to cement a dominant position as the global leader in index solutions.

Over the past year, S&P DJI launched more than 180 new indices, spanning asset classes, geographies, and investment themes, driving innovation and transparency in financial markets worldwide.

Key milestones included expansion into private markets, in partnership with Cambridge Associates, offering high-quality fund-level performance benchmarks across private equity, venture capital, private credit, and real assets.

S&P DJI also collaborated with ChinaBond Pricing Center to launch the iBoxx ChinaBond Asian High Yield Index Family, providing investors access to USD, CNY, and SGD-denominated high-yield bonds from Asian issuers.

Furthering factor-based investing, S&P DJI introduced the S&P 500 Economic Moat Index and the S&P 500 High Dividend Growth Index, offering forward-looking methodologies to identify sustainable competitive advantages and dividend growth potential.

With 18% year-on-year revenue growth, a 95% client retention rate, and a 30% global ETP market share, S&P DJI has continued to lead the industry with a commitment to innovation and investor-centric solutions.

Best Index Provider, International (Highly Commended): Solactive

Solactive earned a Highly Commended mention for its regional expansion, innovation in thematic indexing, and cost-disruptive pricing model.

In Korea, Solactive launched more than 20 ETFs with local partners focused on high-demand themes such as AI and semiconductors, tailoring products to a market known for tech-savvy, concentrated portfolios. In Japan, it worked with Nissay Asset Management to offer a low-cost alternative to the S&P 500 for retail investors.

The firm’s flexible index design — including monthly rebalancing and customised exposures — is widely seen as a responsive, locally aligned solution across Asia-Pacific. Its biotech and AI infrastructure indices have helped asset managers tap into new thematic opportunities and differentiate their offerings.

Solactive’s fair pricing model continued to shift industry norms, enabling partners like Betashares to launch the lowest-cost ETFs in Australia and spark broader fee reductions across the market.

Judges noted that the mixture of innovation with investor affordability is marking Solactive out as an alternative to traditional index providers.