The $50 billion New York-based fund manager has used both BNY Mellon and State Street as custodians for its global ETF product range.
Tag: asset servicing
Some custodians are conflicted whether they wait for the EU’s taxonomy to become crystallised or pre-empt it entirely by rolling out their own ESG reporting solutions.
The decline means another disappointing quarter for the world’s largest global custodian as asset servicing revenues fell 8% year-on-year.
Sub-custodians are now forced to adapt their businesses to accommodate the competition posed by Investor CSD models.
Northern Trust supported the launch of the Smithson Investment Trust, the largest UK-listed investment trust to launch, in October last year.
More fund administrators could enter the crypto asset servicing space in the coming months according to PwC, which has highlighted the importance of independent valuation from traditional providers.
The deal marks Microsoft’s first change in custodian in a decade for its $130 billion in assets.
The Boston-based global custodian stated the drop was down to challenging industry conditions including fee concessions and lower client activity.
Revenue from asset servicing, its largest business, was down 7% in comparison to the first quarter of last year at $1.4 billion
The review will include a potential uplift of operations for client on-boarding, asset servicing, collateral management and settlement processes.