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      "text": "Economies of Scale: Large providers can leverage economies of scale to deliver custody services at significantly lower costs than small competitors. Custody involves large fixed costs to build out each processing service for the first customer of that service.",
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      "text": "High Switching Costs / Sticky Client Relationships: Preference to centralize back office with a single custody bank provider to maintain centralized oversight of operations. Customers build their back-office infrastructure around the custodian. Significant time and resources required to establish a custodial service relationship (3 month on-boarding process). Low customer attrition with average asset servicing relationships greater than a decade. Legally enforceable multiyear service contracts. Mission critical services at a small price in relation to the assets of its clients (.01% of assets).",
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