State Street takes over the mandate from JP Morgan, which has served as global custodian for Swedbank since 2000.
Tag: global custody
The mandate, which includes core custody, securities lending, FX and cash management, renews a 22-year relationship with RPMI Railpen.
BNY Mellon will become the sub-depository for the custody of foreign equity assets from the first quarter of 2019.
JP Morgan was the largest custodian in Australia with $778 billion in assets under custody at the end of 2017.
NPS will also outsource, for the first time, its middle-office processes for all of its overseas investments to State Street.
The deal marks a significant milestone for Northern Trust’s aim to grow its collective investment trust fund services business in the US.
The Chicago-based custodian will provide custody and foreign exchange services to the Misaki Engagement Master Fund.
HSBC will divide global leadership responsibilities for its securities services business.
HSBC Securities Services has emerged as one of the most-used sub-custodians for Asian and Middle East frontier markets.
Since joining BNY Mellon in the summer of last year, Charles Scharf has highlighted a number of new strategic goals for the bank.