Citi taps State Street’s relationship management exec to lead APAC custody sales
The hire for Citi follows a number of recently announced milestones in the APAC region for its securities services business.
The hire for Citi follows a number of recently announced milestones in the APAC region for its securities services business.
State Sreet will provide performance and analytics solutions, and fund services to the pension fund’s $4.7 billion real estate portfolio.
BNY Mellon, Northern Trust and State Street are to set to make a swathe of job cuts in 2021, reducing mostly middle-management and junior roles.
Deutsche Bank’s sub-custody business dealt a huge setback as its biggest client severs ties, casting a shadow over the German securities services provider’s future.
Vontobel Asset Management will use State Street Alpha for front-office technology, investment operations and data services, and liquidity risk solutions.
State Street's CFO said the custodian would have to generate new business wins of amounting to $1.5 trillion in AUC to achieve growth.
Revenues from global custody and fund administration fees grew by just 0.6% to $1.3 billion for the last three months of the year.
The milestone follows a period of increased investment by the US bank into its securities services business over the past few years.
State Street has hired a 20-year Latin America securities services expert to lead its sales and client growth strategy in the region.
The hire is the latest in State Street’s effort to bolster its asset owner servicing team globally.