The appointment follows the retirement of a 30-year State Street veteran Sri Pools, who had led the India business for more than two years.
The milestone represents a 30% year-on-year increase, while assets under administration (AuA) also reached a new high.
Custodians will have to deliver outsourcing service models that can support and accelerate growth for some of Asia's largest asset owners and managers, according to State Street's head of APAC Mostapha Tahiri.
Through the new appointments, Northern Trust will continue its focus on delivering quality client service and innovative digital and data-driven solutions.
Launch follows relaxed rules in the country aimed at boosting local fund managers’ operations.
The bank’s initial margin service will enable APAC-based firms to outsource their initial margin models and processes ahead of the incoming UMR rules.
HSBC will begin rolling out its securities services offering on the Aladdin Provider platform to clients globally from 1H2021, starting in Hong Kong and Singapore.
The revamped service follows the onboarding of HSBC Life and the addition of $56 billion of assets under administration to its insurance servicing platform.
Former State Street APAC COO and FinTech founder joins BNY Mellon to lead its asset servicing and digital agenda in the region.