Results were partially offset by increased client activity, as assets under custody increased by over 5% to $25.5 trillion.
BNP Paribas Securities Services has emerged as a leading derivatives clearing provider in Italy, having won a number of clearing and collateral management mandates.
NPS extended its back-office mandate for their global equities portfolio with State Street to also include the middle-office.
Superannuation fund owned by the Government of South Australia selects Northern Trust for custody mandate.
The German bank's global head of securities services departs after a year in the role, as Deutsche Bank names successor in New York.
Global custodians are increasingly seeking to evolve their business models, which have traditionally centred on the back-office, to include front-office services.
The Swedish bank is exploring new services with Brown Brothers Harriman as its assets under custody continue to pile up from the existing relationship.
State Street was previously permitted to provide trustee services to only Singapore-authorised, retail-only, collective investment schemes.
The Danish pension fund giant put out an RFP to custodians in late 2018 with its current contract due to expire later this year.
New impact investment manager selects RBC as custodian and administrator in Australia.