The Financial Services Authority (FSA) has fined Bank of Scotland (BoS) 1.25 million for non compliance with its draconian Anti Money Laundering (AML) rules. The FSA's investigation confirmed weaknesses in BoS' record keeping systems and controls across its retail, corporate
Harris Corporation has appointed Northern Trust to provide custody and risk and performance services for its $2.1 billion defined contribution plan. Harris has also chosen Northern Trust Global Investments, the fund management arm of Northern Trust, to manage $400 million
Mercer Investment Consulting has been appointed to provide investment consulting services to the pension arrangements for Mothercares two defined benefit schemes. The combined fund size is approximately 115 million. "We are pleased to have been chosen by such a prestigious
Raiffeisen Zentralbank sterreich AG (RZB) has become the fiftieth bank to appoint UBS as its provider of third party CLS services. "The quality of UBS's services and strengths in technology has given us the confidence to further increase our partnership,"
The Northern Trust Company, a provider of global custody, asset administration, and investment management services, has announced its appointment to provide custody and risk and performance services for Harris Corporation's $2.1 billion defined contribution plan. In addition, Harris Corporation, based
European Economic Area (EEA) membership rules have obliged the Norwegian Government to introduce to Parliament laws revising the 10 per cent limit on ownership of a Norwegian financial institution (although, by way of derogation, a financial institution may already hold
The OECD is inviting public comment on a draft of the revision of the Principles of Corporate Governance that were adopted by OECD governments in 1999. It follows a request from OECD governments for reinforcement of the Principles in response
During 2003, a further 13 firms from across Europe Finland, France, Germany, Switzerland and the UK signed up to use the Russell Mellon CAPS AMI database service. This brought the total number of asset managers using AMI to 114, with
The Bank of New York has announced that it has extended its Value at Risk (VaR) capabilities through an enhanced strategic relationship with RiskMetrics Group using its VaR application, RiskManager. Through the use of RiskManager, the Banks global custody clients
Consolidation in the correspondent clearing space is set to continue with the sale of Wexford Clearing, the clearing arm of Prudential Securities that specialised in emerging market debt securities, to Refco. Wexford, which Prudential bought from Daiwa Securities four years