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Citi flexes post-RBC muscles in a time of ‘chunky winners and losers’

Custody competition in Australia is heating up as super funds disappear in a flurry of merger activity. But with the RBC transaction catapulting it up the ACSA tables, Citi says it’s ready to take on all comers. “If you’re not able to keep up, you slide into irrelevance,” says Okan Pekin, global head of securities…

Lachlan Maddock | 25th May 2022 | More
Martin Carpenter to retire (from banking)

Martin Carpenter’s “fantastic career” as Citi’s local head of securities services will draw to a close later this year. He’s got no set destination in mind, but there’s still plenty of travel on the cards. Carpenter’s 13-year stint as the head of Citi Securities Services for Australasia will conclude in the third quarter of 2022….

Lachlan Maddock | 20th May 2022 | More
  • ‘You want to be on the right side of it’: State Street prepares for a post-YFYS world

    As merger activity continues apace, State Street – armed with its “unique” front-to-back solution – intends to take a dominant position as custodian of choice for the biggest end of town. The super industry and its custodians are now exiting a period of relative stability. The number of funds has more than halved in the…

    Lachlan Maddock | 11th Mar 2022 | More
    HSBC talks re-open old NAB wound

    Rumoured talks between NAB Asset Servicing (NAS) and HSBC have re-opened the possibility that Australia’s last homegrown custody business will finally close its doors. The latest rumour circulating through Australia’s tight-knit asset servicing industry is that HSBC is pitching to negotiate the potential transfer of NAS’ 30 largest clients to its business, while NAS would…

    Lachlan Maddock | 9th Mar 2022 | More
  • HSBC recruits for major move on custody

    HSBC has recruited a State Street custody veteran as part of a long-planned expansion of its own business. Sinclair Scholfield has been appointed head of sales and client management for HSBC’s Securities Services business in Australia and New Zealand. Scholfield spent the last 18 years at State Street, where he was most recently head of…

    Lachlan Maddock | 2nd Mar 2022 | More
    New-look Citi ready for top-tier competition

    On the first weekend of December, Citi Securities Services went live on the last of 26 former RBC Treasury & Investor Services clients, putting an exclamation point behind one of the biggest and most complex of backoffice transitions. The RBC clients, predominantly fund managers and wealth platforms, are adding about $100 billion in assets under…

    Greg Bright | 10th Dec 2021 | More
    Big departures in custody world

    BNP Paribas is to lose its head of securities services for Australia and New Zealand and State Street is losing three senior executives in unrelated developments which emerged last week. David Braga, the chief executive of BNP Paribas Securities Services, Australasia, has resigned and will leave the organisation at Christmas. He is currently continuing at…

    Greg Bright | 3rd Dec 2021 | More
    Custodians prove their worth on ESG

    As investment managers turn their eyes to the reputational risks of ESG, the custodians that support them have a responsibility to do the same, according to BNP Paribas Securities Services. “Underneath the whole challenge of ESG, as our clients are looking what it means to be an investor and holding all of those investments, the…

    Lachlan Maddock | 10th Sep 2021 | More
    Brown Brothers succumbs to sale pressure

    The last of the independently owned asset servicing firms, Brown Brothers Harriman & Co, has succumbed to persistent overtures and will be acquired by State Street for US$3.5 billion. The deal announced last week (September 7), will undoubtedly reignite State Street’s own rumours of the past 18 months about a separation of its increasingly successful…

    Greg Bright | 10th Sep 2021 | More
  • State Street fills front-to-back spot in Asia

    State Street has recruited a 22-year Deutsche Bank veteran, Jeslyn Tan, to fill the position as head of product management, driving the end-to-end product strategy in the Asia Pacific region. The Singapore-based role was previously filled by Babloo Sarin, who has become head of ‘asset owner and official institution’ segments for State Street in the…

    Greg Bright | 6th Aug 2021 | More