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.
A handful of banks are certainly exploring the potential of quantum computing and analysing possible, viable use cases for the technology.
The bank has already automated 40 processes through RPA for its securities services business, and is looking to deploy AI in a number of client-facing areas.