Northern Trust outperforms rivals despite slight decline
Northern Trust stated it too was affected by unfavourable markets but managed to partially offset this with new business.
Northern Trust stated it too was affected by unfavourable markets but managed to partially offset this with new business.
Earlier this year, BNY Mellon's Scharf proposed a move to an ‘open solution model’ where it will work with external providers and platforms.
BNY Mellon has made three major appointments to its European trust and depositary (T&D) business over the past two months.
Revenue from asset servicing, its largest business, was down 7% in comparison to the first quarter of last year at $1.4 billion
New research from industry analytics provider Coalition showed revenues from global securities services providers collectively reached $37.2 billion in 2018.
The appointments follow the recent addition of an artificial intelligence (AI) and robotics expert from State Street last month.
A UBS survey showed 87% of participants from banks with assets of $250 billion and above believe technology spending will increase annually over the next three years.
Custodians are moving to becoming one-stop-shop platforms, enabling investment managers to access a wider range of data and analytics tools.
BNY Mellon plans to deliver real-time trade data, asset prices and cash positions to the 40-50 clients it shares with BlackRock’s Aladdin.
BNY Mellon is developing a new trust and depositary model for common processes and practices across Europe.