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…
Category: Headlines
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.
Opus acquires fund admin unit of Advanced Fund Administration
Opus Fund Services, the U.S.-based independent administrator, has acquired the fund administration unit of Advanced Fund Administration, which has offices in the Cayman Islands and New Jersey. Before this deal, AFA provided multiple lines of business to its hedge fund clients, consisting of legal, advisory and compliance services. AFA’s fund administration clients are now scheduled…
Ocorian hires two for London office
Ocorian, the C.I.-based administrator, has hired two new staff in London. Kristina Rowe joins as head of client services for the UK. She was previously at State Street. Jamie Riley joins from Intertrust as a business development director.
Alter Domus opens office in Tokyo
Alter Domus has opened an office in Tokyo. Scott Reynolds has been hired as the group’s country executive for Japan, reporting to Alexander Traub, the regional executive Asia Pacific. Reynolds joins from Deloitte Tohmatsu LLC.
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…