BNY Mellon's Scharf explained to investors the pipeline for new clients of Pershing is bigger than it has seen over the past five years.
A number of custodians and fund administrators have targeted the front-office as a new growth opportunity and expand from its traditional back-office services model.
BNP Paribas has more than tripled its assets under custody over the past five years under the leadership of Philippe Benoit.
MUFG has looked to increase its presence in the illiquid alternatives fund services space, after it hired two senior private equity fund services executives last year.
The consolidation of the US assets, representing $39 billion, with Citi as its single provider successfully went live in December last year.
BNY Mellon attributed the fall in revenue to “lower client assets and activity and the unfavourable impact of a stronger US dollar.”
Nordea sought to partner with a custody and fund administration provider that operates both in the Nordic market and in Luxembourg.
INTL FCStone expanded into the US prime services market at the back-end of last year after it brought on three former senior executives at Cowen Group.
Ian Martin will continue his current responsibilities of leading State Street’s global services business in the region.
The MoU is the latest agreement for the Hong Kong market as it looks to become a leading cross-border fund hub for international investors.
DLT is becoming more accepted by banks and financial institutions that are in the process of developing use cases and rolling out the technology.
Several firms are looking at technologies such as blockchain and machine learning to automate and digitise the corporate actions and proxy voting process.
Mary Jane Schuessler joins the Canadian broker where she will be focused on covering, utilising and optimising BMO's prime brokerage positions.
The mandate will cover AMOAI’s first global Luxembourg-domiciled infrastructure debt vehicle, Cosmic Blue PF Lotus FCP.
The partnership reflects the rise of ‘shadow’ fund administration, with an independent third-party providing oversight and validation of fund accounting.