MUFG Investor Services has agreed to acquire parts of the fund administration business of Maitland, an advisory, administration and family office firm. Maitland personnel will join MUFG Investor Services offices in the Cayman Islands, Halifax, and Dublin. When completed, the acquisition will add approximately USD20bn AuA, bringing the total AuA to over USD600bn. The assets…
Category: Bank Providers
State Street launches peer-to-peer sec lending platform
State Street has launched Direct Access Lending, a securities finance product that enables direct, principal loans between its lending and borrowing clients. The new managed peer-to-peer product will leverage both its agency lending and enhanced custody product. The product offers a seamless peer-to-peer model, supported by the operational efficiency and expertise of a managed securities…
RBC to service Daiwa AM’s first Lux UCITS fund
RBC Investor & Treasury Services has supported the launch of the first Luxembourg UCITS fund for Daiwa Asset Management, the second largest asset management company in Japan. RBC will provide custody, fund accounting, transfer agency and depositary services.
CIBC Mellon launches asset servicing solution for PTFs
CIBC Mellon has launched an asset servicing solution for platform-traded funds (PTFs) on NEO Connect, a new low-cost distribution channel accessible to all investors, asset managers and their dealers. PTFs are typically a class or series of an existing investment fund that investors can buy or sell on the NEO Connect platform, at an end-of-day…
Victory appoints Citi for additional USD80bn of USAA assets
Citi has been appointed by Victory Capital to provide fund administration, custody, ETF services and securities lending for Victory’s most recent acquisition, USAA Asset Management. The new mandate resulted in the transfer of servicing for 53 mutual funds and ETFs to Citi, representing approximately USD80bn in assets. This new mandate expands Citi’s existing relationship with…
UK’s House of Fraser pension fund appoints Northern Trust
Northern Trust has been selected by The House of Fraser Beatties & Jenners Pension Scheme to provide global custody and valuation reporting services to its defined benefit pension scheme. The GBP800m pension scheme has approximately 10,000 scheme members across the UK.
State Street hires Bob Dollard as head of U.S. asset owner rel mgt
State Street has hired Bob Dollard as head of U.S. asset owner relationship management. He reports to Rob Baillie, the recently appointed head of North American asset owners. Dollard joins from BNY Mellon, where he was U.S. segment head for the public fund, Taft-Hartley, and the outsourced business.
MEAG executes bond trade in China via HSBC
MEAG, the asset manager for Munich RE and ERGO, has become the first German investor to execute a bond trade in the Chinese capital market via Bond Connect. HSBC in Germany enabled settlement of the underlying transaction as well as the related FX. Tradeweb was used as the electronic trading system to execute the transaction…
BNY Mellon CEO Scharf moves to Wells Fargo
Charles Scharf has been appointed president and CEO of Wells Fargo. Scharf is leaving his job as chairman and CEO of BNY Mellon, which he joined in 2017. BNY Mellon has announced that Todd Gibbons, vice chairman and CEO of clearing, markets and client management, has been appointed as interim CEO and a member of…
GSAM appoints BNY Mellon for European ETF admin
Goldman Sachs Asset Management has appointed BNY Mellon to provide asset services for its newly launched European UCITS ETF fund range. In addition to BNY Mellon’s ETF solutions supporting order management, PCF production and AP servicing, it will also provide fund accounting, transfer agency, depository, custody, paying agent and common depository. GSAM launched its first…