Fund Administration

AXA Investment Managers Buys Sophis

Sophis, a provider of portfolio and risk management solutions announced today that AXA Investment Managers (AXA IM) has licensed its VALUE Front and Middle office tools for the convertible bonds activity including its new Irish convertible bonds arbitrage hedge fund

Northern Trust Wins Summit Mandate

Northern Trust has been selected as custodian to investment advisory company Summit Investment Partners' Apex Series and Pinnacle Series mutual funds. Summit Mutual Funds has appointed Northern Trust's Global Fund Services Practice to provide global custody, foreign exchange, securities lending

Merrill Lynch Forms Global Private Client Group

Merrill Lynch announced today that it is creating a new Global Private Client Group (GPC) to combine the firm's U.S. and International Private Client Groups. It will be headed by James P. Gorman, executive vice president and current president of

Korean Finance Ministry Proposes ETF Trading On KOSDAQ

The Ministry of Finance and Economy (MOFE)in Korea today proposed changes to securities legislation which would allow Exchange Traded Funds (RTFs) to trade on the Korea Securities Dealers Association Automated Quotation (KOSDAQ) market. ETFs are presently listed on the Korea

M & G Outsources Retail Fund Administration To IFDS

M&G and IFDS the State Street and DST Systems fund administration joint venture today reached an outsourcing agreement for IFDS to provide M&G with retail administration services. During this year, M&G conducted a review of its retail IT systems platform

European Fund Distribution Little Changed, Says PwC

Over capacity, not a creaking infrastructure, is the main problem in European fund distribution too many fund managers are chasing too few customers. Although distributors are ostensibly happy to distribute third party funds, universal banks continue to source four in