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Sighs of relief with BNP Paribas appointment

BNP Paribas Securities Services has gone with local knowledge and experience for the new head of its Australia and New Zealand business, appointing a 24-year State Street veteran to the role.

Greg Bright | 14th Sep 2022 | More
Northern Trust hops on digital asset trend

Northern Trust has joined other global custodians in creating a dedicated division for servicing digital assets. Northern Trust’s Digital Assets and Financial Markets group will be led by Justin Chapman, the current global head of Market Advocacy and Research. The new group will combine the teams responsible for supporting digital asset markets with those “dedicated…

Lachlan Maddock | 24th Jun 2022 | More
  • NAS sale falls through (again)

    Talks between NAB Asset Servicing and HSBC for the latter to take charge of the former’s 30 largest clients have allegedly faltered. HSBC was understood to be looking to do a deal similar to that which Citi completed last year with Royal Bank of Canada (RBC) whereby it took over almost all of the former…

    Lachlan Maddock | 10th Jun 2022 | More
    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