With its recent acquisition of Perpetual Fund Services (PFS), the custody, investment administration and unit registry business of Perpetual Trustees Australia, Royal Trust Global Securities Services (GSS), has arrived at an important crossroads in its journey from niche pretender to global custody contender.

In recent years the firm, a division of the Royal Bank of Canada, has steadily built up its non-Canadian book of business under the stewardship of first José Placido and latterly managing director Paul Stillabower, who took over the reins in London following his predecessor's return to Toronto in 1999 to take on overall responsibility for the GSS group.