State Street

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…

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…

After a lengthy search, State Street has appointed a country head for Australia as part of a progressive restructure designed to move away from a business unit focus to a more holistic approach. Tim Helyar has been recruited from J.P. Morgan, where he has spent the past 18 years, most recently as head of fund…

September has historically been a bad month for markets, and it could be about to get worse. But then again, talk is cheap. Everybody in equity markets knows that September is the cruellest month, to paraphrase Elliot.Nobody really understands why it happens (theories range from tax-related selling to seasonal behavioural biases) but it happens. 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…

Mark Lazberger, a founding director of the CFA Society in Australia and a former board member of the global CFA Institute, has returned to the governing body as its chair. Lazberger, who retired from full-time funds management positions in 2018, previously held two of the most senior roles in the industry, as a country and…

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…

The Israel Institute of NZ lobbied to halt the exclusion of certain banking stocks from the NZ Superannuation Fund’s portfolio this year, according to recently released documents. In an Official Information Act (OIA) request on April 12, the local Israel association asked for confirmation the NZ Government’s largest super fund had told underlying managers that…

The three largest global custodian banks have enjoyed hefty increases in the total assets under custody and administration in the March quarter as markets continued to rebound. BNY Mellon is still the biggest. BNY Mellon remained the largest in the world, by a whisker, ahead of State Street, but third-placed J.P. Morgan Chase, America’s largest…

Front-to-back services and market activity have helped the big global asset servicing companies to record levels of assets under custody and administration in the March quarter, despite falling interest income. State Street emphasised the success of its front-to-back offering, which it calls ‘State Street Alpha’, with the quarterly Wall Street earnings statement (April 16) coinciding…