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That industry is not a single thing, but an organism of immense complexity, incorporating many separate but mutually supportive disciplines. Accordingly, the Legends found here are drawn from global custody, sub-custody, central depositories, clearing houses, securities lending and financing, mutual fund administration, hedge fund administration, private equity fund administration, and prime brokerage. In choosing them, we have of course drawn on our own knowledge and observation of the securities services industry over the last 20 years. But we have also sought the advice and opinions of the industry, and received a great many nominations – with accompanying encomia – from people working in securities services today. We were pleased and reassured to find that there was such a close correlation between our own choices and those of the industry as a whole. In whittling down a list that contained many hundreds of nominees, we applied criteria not unlike those which qualify great and long-serving baseball players for elevation to the National Baseball Hall of Fame. They include a long record of service to the industry, outstanding effort, ability or innovation within it, and the finest personal qualities. We have sought also to recognize individuals who are appreciated beyond their own firms and countries of origin, and which have made an unusual or marked contribution to the growth or development of the industry. Our Legends will be the first to say that their success was the work of many hands, and there is a sense in which they are the emblems as well as the authors of the growth of the securities services industry. But in choosing these people for elevation to our Securities Services Hall of Fame, we have chosen to register our belief in the difference that the individual can make. Indeed, that ability to make a difference was chief among the qualities we sought from nominations to the Hall of Fame. We found it as much in long records of service, and in the virtues of perseverance and integrity, as we did in specific business triumphs or service innovations. We discovered that it can be found even, and perhaps especially, in recovery from personal or corporate setbacks. We expect the Hall of Fame to grow over the coming years, as future generations make their mark upon and contribution to the securities services industry. But we were especially pleased and proud that so many of our initial nominees were able to attend the two Legends of the Industry Seminars and Induction Dinners we held in New York on 25 June 2009 and in London on 1 October 2009. If you missed those occasions, there is filmed footage here of both events, which will give you a flavour of the personal warmth, humour and happiness they generated. We are grateful to the sponsors of the seminars and dinners, and especially to The Bank of New York Mellon for sponsoring both. Brown Brothers Harriman and State Street sponsored panels at the New York event, while BNP Paribas Securities Services, Citi, Deutsche Bank, SEB and SWIFT sponsored panels in London. All of these organizations were present at the creation of Global Custodian in 1989, and it is a measure of their strength and fidelity that they have remained, through all the vicissitudes of the subsequent 20 years, the leaders of the securities services industry today. Again, if you missed the seminars, footage of at least some of those discussions can also be viewed here. We owe a debt of gratitude also to the many banks that sponsored tables at the dinners in both New York and London. Such unstinting support, especially in the testing market conditions of 2009, is a measure of the resilience of the securities services industry, and of its confidence in its future. That confidence is built on its history. Founded at the market nadir of the 1970s, tested in the banking crisis of the 1980s, and seasoned by the astonishing vicissitudes of the 1990s and the 2000s, the global securities services industry can be justly proud of its past. If history, as a modern day Thomas Carlyle might put it, is nothing but the biographies of great men and women, the history of this industry can be read in the lives and work of the people that we honour in this Hall of Fame. We urge you to do so and, in so doing, to salute with us a truly remarkable collection of men and women. Dominic Hobson Editor in Chief, Global Custodian Charles Ruffel Founder, Asset International Inc.
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Welcome to the Global Custodian Securities Services Hall of Fame Induction. It is where we honor the men and women who have done the most to create, develop and grow the securities services industry that we know, serve and admire today.