The custodian will also provide depositary, clearing and foreign exchange solutions for Pacific Asset Management's UCITS funds.
Revenues for HSBC Securities Services grew 11% to nearly $2 billion over the year, in which it was boosted by its global custody business.
State Street has highlighted its upcoming execution priorities, the formation of a new pricing committee, and how it will expand its asset servicing business.
However assets under custody for the French bank fell by 1.3% to €9.3 trillion as a global sell-off in equity markets hit Europe.
RBC I&TS has struck a number of custody deals for Canadian alternative investment managers in recent months.
Northern Trust will act as the sole broker for AD Global Investors, assisting with its fixed income execution as well as providing custody, fund admin and FX services.
Leaders in Custody awards honour the best performers from our surveys from 2018, along with editors’ choice, innovation and network management categories.
The results are in line with the bank’s US competitors, as the mass sell-off in equity markets hit custody assets.
New CEO Ron O’Hanley makes second big move in his first month in the role by outlining new HQ plans for custodian in 2023.
Deal announced in June 2018 halts after joint decision not to move forward.