Minnesota-based St. Paul Teachers’ Retirement Fund Association is switching BNY Mellon with U.S. Bank as its global custody provider.
The $950 million funds executive director Paul Doane told Global Custodian that the move was partially out of a desire to move to a smaller bank.
I think that was an influential item with respect to the boards decision, he said. They also appreciated the fact that U.S. Bank is right here in St. Paul. We use them as our commercial side of banking, so we have good experience with them.
In the process we looked at some of the traditional firms as well as our incumbent, Bank of New York, and in conclusion the board felt it was timely to consider a little change, we had good experience with Bank of New York in the last ten to 12 years, but were looking for a new opportunity here.
The decision was also influenced by the expansion of U.S. Banks custody services, Doane said. Before BNY Mellon, U.S. Bank provided custody for the Minnesota fund.
It also appointed Clearwater Analytics to provide a new performance measurement system with customized reporting.
– Socit Gnrale Securities Services (SGSS) has been has been mandated by Titanium Finance, a Swiss capital management firm, to provide trustee, pricing, transfer agent and registrar services for its first Luxembourg-based asset management structure.
Titanium Finance was founded in 1998 and has a total AuM of 220,000,000 Swiss francs.
– The Irish-based Nevsky Fund is replacing Northern Trust with State Street as its custodian and administrator.
– Deutsche Bank has been appointed successor depositary bank for the American Depositary Receipt program of Koninklijke DSM, a multinational life and material sciences company based in the Netherlands.
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