The decision comes after a strategic review on its securities services businesses in the region, and has instead opted to focus on its global custody product.
Tag: global custody
The US bank has established itself as the largest custodian in Australia, servicing around AUS$866.7 billion in assets as of the end of 2019.
BNY Mellon will provide global custody for the first sub-fund tracking a Shariah compliant index in conjunction with S&P Dow Jones indices.
MIBL will also white label Citi’s custody platform, essentially offering its asset servicing and instruction capabilities for securities, cash and FX to their clients.
The unprecedented wave of market updates network managers had to deliver to clients have sparked demands for markets to adopt permanent digitalisation efforts.
Among its new clients include Hannover RE, one of the world’s largest reinsurance firms, where it will provide global custody and collateral management services.
DTCC has gone live with four new custodians on the service, growing its impressive list of users to 11.
The pension fund said it selected Northern Trust for global custody and asset servicing based on the bank’s client service and technology.
Northern Trust will also support Sancta Capital’s trading programme through its outsourced agency-only brokerage service.
The hire is the latest appointment for BNY Mellon’s new-look asset servicing team, which has made a number of key changes to the business’s leadership this year.