Marc Mallett, head of Whole Office strategy at Northern Trust, explains how some of the custodian's recent acquisitions and partnerships will make a huge difference in how the bank approaches product development and client services.
State Street will provide front-office technology and back-office administration services relating to €24 billion of retail and institutional funds managed by ANIMA.
The service builds on the alliance struck between BNY Mellon and NCB Capital - now SNB Capital following its merger with Samba Capital – in October 2020.
The German bank has made a multiple changes to its securities services and agency lending global leadership over the past year.
Contributing to the record, top provider JP Morgan surpassed $1 trillion assets under custody, becoming the first provider to do so.
The two hires rounds of a string of top appointments the US bank has made for its global securities services business this year.
Custodian earns QFI licence after regulators merged foreign investor schemes in November 2020.
The milestone represents a 30% year-on-year increase, while assets under administration (AuA) also reached a new high.
The US bank becomes one of the first international tenants at the BIFC, a landmark building that anchors Busan’s rapidly developing financial district.