Volvar Asset Management has appointed State Street to provide back office services, including depot bank and fund accounting as well as value-added services for OTC derivatives for two funds domiciled in France and Luxembourg.
Volvar Asset Management is a newly created asset management company specializing in quantitative investment strategies. The appointment follows Volvars comprehensive review of service providers, and its selection of State Street in recognition of State Streets expertise and proficiency.
Separately, Fortescue Metals Group, one of Australia’s largest producers of iron ore, has appointed Citi as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program.
Fortescue will trade in the OTC marketplace, under the symbol FSUGY. Fortescues ordinary shares are listed on the Australian Stock Exchange (ASX). Each ADR represents two ordinary shares.
Rod Campbell, Investor Relations for Fortescue, said: “The ADR programme will assist Fortescue in continuing to broaden the shareholder base internationally. We are pleased to have appointed Citi as our depositary bank, and know that their expertise with ADRs and the strength of the Investor Relations team will help to ensure the success of the programme.”
J.P. Morgan was recently appointed by Cementos Pacasmayo, a Peru-based cement manufacturer, to act as depositary bank for the companys American Depositary Receipt (ADR) program listing on the New York Stock Exchange (NYSE). J.P. Morgan will manage the ADR program for Cementos Pacasmayo, the first Peruvian company to raise capital through an NYSE-listed ADR program in more than a decade. The NYSE-listed ADRs will trade under the symbol CPAC.
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