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Plenty of Wide Moats in This Industry. But Can They Persist?

Custody banks may be moaty, but they face a tough pricing environment.

Rajiv Bhatia: The custody banks are really unique financial institutions. Unlike a traditional bank which focuses on gathering deposits and making loans, custody banks are in the asset-servicing business. When investors refer to the custody banks, they are often referring to banks such as State Street, BNY Mellon, and Northern Trust.