JP Morgan has increased spending for the business’s technology by a third, and now has one of the highest operating margins than all of the global custodians.
A UBS survey showed 87% of participants from banks with assets of $250 billion and above believe technology spending will increase annually over the next three years.
Global Custodian takes a deep dive into the nominees for its Editors’ Choice awards at this year’s Leaders in Custody event, next up: the candidates up for Best Asset Servicing Project.
BNY Mellon’s CEO and chairman outlined in the global custodian’s annual report that it is pursuing the strategy to meet demands over flexibility and choice.
Hedge fund administration has been cited as the perfect testing ground for new technologies, such as artificial intelligence and natural language processing.
Baillie Gifford has chosen software specialist corfinancial to help automate its post-trade processing and settlement.
The platform, called Matrix, will aim to centralise and process all of the data captured by underlying custody, fund administration and transfer agency platforms.
Evans will focus on growing Northern Trust’s global capabilities for real estate, private debt, infrastructure and both traditional and hybrid private equity funds.
A number of custodians and fund administrators have targeted the front-office as a new growth opportunity and expand from its traditional back-office services model.
Northern Trust has sought to significantly expand its securities services product range throughout the year, using new technologies to enhance custody and fund services.