In a recent address on 9 September, SEC chief accountant Paul Munter reiterated that the guidelines laid out in SAB 121, introduced in March 2022, will remain firmly in place.
Under the new mandate, BNP Paribas will provide custodial services to Versorgungswerk der Zahnärztekammer Nordrhein (VZN), which manages assets of roughly €5 billion.
A surprise retirement U-turn by another GC Legend will see a new president of asset servicing for the custodian.
Nasdaq reportedly becomes the first Central Securities Depository (CSD) in Europe to implement this service.
Under the partnership, Proxymity’s digital voting platform will integrate with Tumelo’s pass-through voting technology, to establish a new standard in shareholder communications.
Initially focusing on the two largest cryptocurrencies by market capitalisation, Bitcoin and Ethereum, the service has named Brevan Howard Digital as its first client.
Securities lending division of MUFG Investor Services will oversee part of NIC’s $40 billion in investments across various state retirement plans and funds.
This year’s survey awards categories cover Prime Brokerage along with Hedge Fund, Private Equity and Exchange-Traded Fund Administration honours, as well as North American and Latin American Sub-Custody.
Reduction in clearing margin a key challenge for custodians, while European firms report most significant impact of T+1.
The acquisition will enhance BNY’s capabilities across the entire managed account ecosystem as its head of asset servicing Emily Portney tells Global Custodian that asset management clients see this as an ‘enormous area of expansion’ that is crying out for traditional servicing.