Custody

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…

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…

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…

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…

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…

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…

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…