Custody

New independent wealth management firm founded by former JP Morgan Advisors executives will use Pershing and Schwab for custody and lending. 

CEO Jane Fraser describes the firm as ‘the undisputed leader’ within the services space, with a model ‘almost impossible to replicate’.  

Assets under custody and/or administration rise marginally from the second quarter, while revenue growth is supported by higher client activity, new business and market values. 

Custodian booked $429 billion in new AUC/A wins during the quarter, with total assets now at $59.2 trillion.

Growth in AUC/A and higher fees drove the increase, as Citi CEO Jane Fraser hailed the bank’s ‘best third-quarter revenue in a decade’. 

Securities services income posts double-digit year-on-year growth, though assets under custody show a rare dip. 

Expanded licence allows Zodia Custody’s Abu Dhabi subsidiary to hold tokenised securities, as financial institutions explore bringing traditional assets on-chain. 

Bank of China (Hong Kong) becomes the first member to onboard, giving CMU members access to Swiss and Spanish equities through CMU’s nominee account with SIX. 

Provider will also deliver management company and fund administration services for BlueDot’s new investment platform. 

CACEIS tops transfer agency list, with State Street and JP Morgan following in second and third, respectively.