The Bank of New York has been selected by Occidental Petroleum Corporation as master trustee to provide custody, daily valuation, securities lending, brokerage, and performance measurement services for its $1.6 billion pension trust. Plansponsor.com
FACT CRS, a tool designed to analyse and manage credit risk, has been developed by Bureau van Dijk Electronic Publishing (BvDEP) and Fitch Risk. BvDEP says its clients recognised how their solutions could help them with Basel II compliance. BvDEP
TWIST the not for profit group of over 70 financial market participants and service providers which has set itself the target of defining communication standards for commercial and financial payments processes has launched XML based standards for commercial payments and
The life insurance industry is poised to generate $1,600 billion in shareholder value over the next ten years according to a new study by Mercer Oliver Wyman. This growth rate outpaces global GDP expectations by 50%, and is greater than
The US Federal Reserve has approved the merger of J.P. Morgan Chase & Co. and Bank One Corp., creating the second largest American bank after Citigroup. Shareholders of New York based J.P. Morgan Chase and Chicago based Bank One approved
Bank Austria Creditanstalt (BA CA) will expand its branch network in Central and Eastern Europe (CEE) from 850 offices to about 1,050 by 2007. The bank says the number of clients will increase, without taking acquisitions into account, from 4.0
State Street Global Advisors has acquired Mediolanum SpA's 50 percent stake in the Italian joint venture Mediolanum State Street SGR p.A., subject to regulatory approval. Terms of the transaction were not disclosed. The move reflects State Street's ambition to expand
Mellon Global Securities Services (GSS) has been named custodian of the $19.5 billion Texas Permanent School Fund. Mellon will provide custody, cash management, and securities lending services and its affiliate Russell Mellon will supply performance measurement and analytics for the
Japan's financial regulator has ordered the banking unit of Citigroup to improve its operations after a tape containing details of Japanese customers' accounts went missing earlier this year. Citing insufficient systems to control information and a delayed response to the
The discipline of risk management has become increasingly important and more complex, underscoring the value of a corporate culture that emphasis risk analysis throughout a firm's decision making process, SIA Chairman Richard E. Thornburgh, today told SIA's Technology Management Conference