BNP Paribas Securities Services has been appointed as custodian and administrator for Nikko Asset Management’s first passive ETF, domiciled in Hong Kong. As part of the mandate, BNP Paribas will provide middle office, custody services, trustee, transfer agent and fund administration. This expands an existing relationship between Nikko Asset Management and BNP Paribas.
Category: Bank Providers
Petroleum Development Oman hires State Street
State Street has been appointed by the Omani Staff Pension Fund for Petroleum Development Oman to provide custody and investment servicing solutions for >USD2.3bn AuM. PDO has been a client of State Street Global Advisors for several years, and this mandate represents a new collaboration for one of Oman’s largest private sector employers with State…
U.S. Bank joins CREST with BNP Paribas as sponsoring member
U.S. Bank has been authorised by CREST, the UK-based central securities depository, to operate as a direct participant in the UK and Irish markets, with BNP Paribas serving as sponsoring member. Earlier this year U.S. Bank appointed BNP Paribas as its European regional custodian for 11 markets, in addition to the UK and Ireland.
BNP Paribas takes stake in Allfunds
BNP Paribas and Allfunds have entered into an agreement to create a global fund distribution and wealth technology platform. The transaction, which will see BNP Paribas Securities Services and BNP Paribas Asset Management receive together a stake of 22.5pct in Allfunds, is subject to regulatory approvals and required consultations. It is expected to close before…
MUFG to buy hedge fund and PEq assets from Maitland
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…
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.