Willis Group Holdings, the insurance broker, has received approval from the China Insurance Regulatory Commission to complete the purchase of a 50% equity stake in Shanghai Pudong Insurance Brokers Ltd. Shanghai Pudong Insurance Brokers Ltd is a Chinese insurance broker
ABN AMRO Mellon Global Securities Services B.V. has been appointed by Stichting Pensioenfonds UWV in the Netherlands as its new global custodian. ABN AMRO Mellon will provide investment custody services, including accounting, performance measurement and full administrative and regulatory reporting
Bank of America is to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston. Chief Executive Kenneth Lewis is aiming at total savings of $1.6 billion from the merger. The cuts will take place over the
Insurer Zurich Financial Services is to cut another $200 million in costs this year, mainly in its UK life business. After paring 4,500 posts from the payroll in an 18 month overhaul, Chief Executive Jim Schiro has said the firm
The risks of investing in the current China boom were evident again last week, with the admission by the recently floated China Life Insurance Company that national auditors had found its predecessor company had breached insurance laws. The newly listed
Northern Trust said today it will become global custodian for the Halifax Financial Services range of OEIC Funds. Under the arrangement, Northern Trust will provide custody for a range of 8.6 billion Halifax OEIC funds. Halifax Financial Services is a
The Bank of New York has been appointed as issuing and paying agent, security trustee, custodian and US depositary by UK based Nationwide Building Society for the Cobbler Funding Global Commercial Paper Programme. The transaction is a $2 billion asset
Japan's Ministry of Finance has eased restrictions on the conditions surrounding holdings of discount short term Japanese Government Bonds (TB FB) as of April 1. Sovereign, foreign corporations and certain trusts funds are now able to hold TB FB through
UK financial services companies are more optimistic than they have been at any time for five years. Or so suggests the regular Confederation of British Industry Price Waterhouse Coopers quarterly survey of the sector. Volumes and profitability have both grown
State Street Corporation said that it has been named "Best Overall European Custodian" by "International Custody & Fund Administration" (ICFA) magazine in its 2004 European Custody and Fund Administration Awards. ICFA said it surveyed European financial services institutions on the