The acquisition allows Clearstream to enter the domestic Australian fund markets and to directly serve Australian clients within the same region and time zone.
Clearstream expects the closure of the business will take place over a 18-month period.
Total revenues for Brussels-based Euroclear and Luxembourg-based Clearstream increased 8% and 6% respectively.
Clearstream has recently made a number of enhancements to its third-party fund processing platform.
Sub-custodians are now forced to adapt their businesses to accommodate the competition posed by Investor CSD models.
Clearstream has partnered with Citi to act as its local account operator giving Ukrainian government bonds access to its ICSD network.
The acquisition of the business marks Clearstream’s first venture into the Australian funds market, as it looks to grow its presence in the Asia-Pacific region.
Recently acquired London-based funds platform will come under newly branded Clearstream Fund Desk.
Panelists at AFME's Post-Trade conference in London argued T2S has failed to lower costs, enhance efficiencies, and overcome post-trade barriers.