Following its recent appointment as custodian for the Bank of Canada’s commercial paper purchase program, CIBC Mellon has been mandated to provide custody for the Bank of Canada’s corporate and provincial bond purchase programs.
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Bill Gourlay joins Carne Group as global head of RM
Carne Group, a Luxembourg-based provider of ManCo and related services, has appointed Bill Gourlay as global head of relationship management. Gourlay was previously a partner at Aon with global responsibility for its investment solutions business. He has also worked at Royal Bank of Canada, SWIFT, Deutsche Bank, State Street and Bankers Trust. Gourlay will be…
BNY Mellon launches end-to-end solution for ActiveShares ETFs
BNY Mellon has launched an end-to-end technology solution to support ActiveShares non-transparent actively managed exchange-traded funds. This solution delivers a digital workflow from order placement through execution of underlying securities associated with creation and redemption activity. It incorporates the authorized participant representative (APR) and verified intraday indicative value agent (VIIV Agent) in daily ETF workflows…
Citi appoints Larissa Sototskaya to head Lux custody & fund services
Citi has appointed Larissa Sototskaya as the Head of Luxembourg custody and fund services (CFS). She will report to Pervaiz Panjwani, EMEA head of custody and fund services, and locally to Alberta Brusi, Luxembourg country head. She joined Citi in 2010 and most recently led global client service across the securities services franchise. The post…
CIBC Mellon to administer Bank of Canada’s CP program
CIBC Mellon has been appointed to provide asset servicing for the Bank of Canada’s recently launched commercial paper purchase program (CPPP). CIBC Mellon currently provides custody and asset servicing for the Bank of Canada’s pension plan.
Ultimus hires Ned Siegel for private funds bus dev
Ultimus Fund Solutions, the U.S.-based independent administrator, has appointed Ned Siegel as senior vice president of business development within Ultimus LeverPoint, its alternative fund administration business. Based in Boston, Siegel will be part of a team responsible for growth of the firm’s private fund administration services. Prior to joining Ultimus, Siegel’s most recent role with…
AEG selects SS&C’s Precision LM loan servicing platform
American Enterprise Group has selected SS&C’s Precision LM platform for loan servicing, accounting, asset management, valuation, and reporting. AEG has multiple insurance company subsidiaries under the American Republic, Great Western Insurance Company, and Medico brands.
SANNE hires RBC’s Marta Ciemiega as U.S. bus dev director
SANNE, the UK-based administrator, has appointed Marta Ciemiega as business development director in the U.S. Based in New York, she will focus on building new relationships with fund managers who have investment strategies spanning private equity, real assets, infrastructure, private credit and hedge. She joins from RBC Investor & Treasury Services.
StanChart combines securities services & portfolio risk management
Standard Chartered has combined its securities services and portfolio risk management businesses to form a new financing and securities services unit. Margaret Harwood-Jones, currently global head of securities services, will co-head the new unit with Emmanuel Ramambason, currently global head of portfolio risk management. They report to Roberto Hoornweg, global head of financial markets. The…
RUNNING ON THE SPOT – InServ providers need to make more money. Gathering assets is not the answer.
3 April 2020: Here’s an interesting fact. At the end of 2015, J.P. Morgan’s securities services business reported Q4 revenues of USD933m, and AuC of USD19.9trn. At the end of 2019, the same business reported AuC of USD26.8trn, and Q4 revenues of USD1.1bn. In case you are too weary from quarantine or lockdown or Netflix…