Custodians have been presented the perfect opportunity to push for regulators to adopt digitalisation and to do-away with requiring paper-based compliance.
Network managers may be forced to adopt virtual technologies to complete their due diligence processes of sub-custodians, however not all are in agreement of its merits.
CEOs of asset servicing firms explained that the pandemic has sparked new attitudes towards business processes and technology.
The move continues BNY Mellon’s evolution of its core asset servicing business, where it sees providing data management services as the next competitive battleground.
The US bank has promoted its global head of fund accounting to the role responsible for the delivery of client service and solutions within securities services.
Services to include global and domestic custody, institutional accounting and securities lending for the agency.
A potential AIFMD passport and UK equivalence could smooth the way for UK custodians to expand their depositary services across the EU market.
Thomas Murray will provide monitoring of NBG’s global custodian and ICSD counterparties and underlying sub-custodian networks.
The pension fund said it selected Northern Trust for global custody and asset servicing based on the bank’s client service and technology.
CIBC Mellon will provide custody and fund accounting services to 14 CI WisdomTree ETFs with $1 billion in assets under management (AuM).