BNY Mellon's Scharf explained to investors the pipeline for new clients of Pershing is bigger than it has seen over the past five years.
Tag: asset servicing
BNY Mellon attributed the fall in revenue to “lower client assets and activity and the unfavourable impact of a stronger US dollar.”
MUFG Investor Services entered the US mutual fund scene in 2016 after it acquired Guggenheim Investment’s 40 Act mutual fund administration business.
The service will streamline corporate actions, dividend and coupon processing across asset classes, business lines and regions.
Assets under custody and administration (AuC/A) also jumped 7% for BNY Mellon to $34.5 trillion and 12% for Northern Trust to $10.8 trillion.
The portal will combine data drawn directly from around 150 agent banks and the multiple loan market services provided by IHS Markit.
The move is likely the first personal hire by Dan Houlihan in his new role running Northern Trust’s Americas asset servicing business.
The appointment is one of the more significant hires for BNY Mellon as it attempts to regain the top spot in the global custody rankings.
In the newly-created role, he will be responsible for all front-, middle-, and back-office services to asset owners and asset managers.
BNY Mellon report finds an additional $334 billion investment in real estate and $130 billion in infrastructure coming over the next two years.