U.S. Bank has entered into a definitive agreement to purchase the debt servicing and securities custody services client portfolio of MUFG Union Bank, N.A. Under the terms of the agreement, U.S. Bank will acquire approximately 600 client relationships and USD320bn AuC/A. The deal is expected to close in the first quarter of 2021, subject to…
Category: Bank Providers
Northern Trust wins MO mandate for FSI in Australia
Northern Trust has been appointed by First Sentier Investors (previously First State Investments), an Australia-based global asset manager with >AUD200bn (USD156bn) AuM, to provide middle office outsourcing services. FSI was acquired in 2019 by Mitsubishi UFJ from Commonwealth Bank.
BNY Mellon hires two seniors for asset servicing
BNY Mellon had added two senior executives to its global asset servicing business. Neal Chansky has joined as global head of consultant relations. He will report directly to Christine Gill, head of commercial development for asset servicing. He joins from Olmstead Associates, an investment management consulting firm. Prior to this, Chansky spent over thirty years…
Citi & HSBC facilitate first QFII MF&SS transactions in China
Both Citi and HSBC have announced their facilitation of margin financing and short selling transactions in China on the first day that offshore investors have been allowed to participate in MF&SS transactions on the Shanghai and Shenzhen stock exchanges under the QFII scheme. Both banks have been market leaders in supporting global investors through the…
Aberdeen Standard expands TA relationship with SS&C/IFDS
Aberdeen Standard Investments, the UK-based asset manager with AuM of c. USD562bn, has extended its transfer agency relationship with SS&C and IFDS to its Luxembourg division. SS&C will provide BPO and global transfer agency services to Aberdeen Standard Investments Luxembourg S.A., with local support from IFDS, a JV between SS&C and State Street. Aberdeen Standard…
Coremont hires Michele Deely as head of sales and client relations
Coremont, which was spun out from Brevan Howard in 2018, has hired Michele Deely as head of sales and client relations. Deely spent 17 years at IFS, a State Street company. State Street signed a deal with Coremont earlier in 2020 to provide an integrated front-to-back service for hedge fund managers.
Charles River hires Peter Adams as head of business development
Charles River Development, the OMS provider that is owned by State Street, has appointed Peter Adams as head of business development. He joins from Finomial, before which he worked for 13 years at Eze Software, a competing OMS provider that is now owned by SS&C.
Northern Trust selected by SGA for MO and FX outsourcing
Northern Trust has been selected by Strategic Global Advisors, LLC, a woman- and employee-owned institutional asset management firm headquartered in Newport Beach, California, to provide middle office outsourcing and outsourced foreign exchange dealing through its Complete FX service.
Citi to support SPAC ETF for Tuttle Tactical Management
Citi has expanded its ETF franchise with its support of the first actively managed Special Purpose Acquisition Company (SPAC) ETF from Tuttle Tactical Management, which launched the fund on December 16. Citi is providing fund accounting and administration, custody, fund compliance support services, transfer agency and ETF services for the new fund. This mandate expands…
HSBC facilitates first onshore private fund investment in China
HSBC has facilitated the first onshore private fund investment via the Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (QFII/RQFII) scheme in mainland China. HSBC is the custodian, providing services including investment scope update filing, payments, and custody for this market-first transaction completed by Baring Asset Management Limited. The fund is the first…