State Street hires 25-year asset owner veteran from BNY Mellon to oversee relationship management with largest US pension funds and insurance companies.
New appointment in Northern Trust’s Swiss senior leadership team highlights custodian’s focus on the country.
Northern Trust reported it had brought on 22 insurance clients with approximately $65 billion in assets over the last two years at the end of 2018.
Asset owners are seriously considering bringing their trading capabilities in-house, which could result in a shrinkage of assets managed for a fee by managers.
One of its newest clients is Grange Insurance of Columbus, Ohio, which mandated Northern Trust to provide global custody for its $2.5 billion of assets.
RBC I&TS will provide custody, foreign exchange and security lending services on the insurance company’s corporate treasury assets.