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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…
Tricia Nguyen, a principal of Mercer, has been promoted to head of Mercer Sentinel following the move by Peter Baker to a part-time role with the business. The changeover had been planned for some time. Nguyen, who became a principal of the group on joining Mercer Sentinel in 2015, said that her move was part…
The major asset servicing firms are widening their field of vision and have, for the most part, become front-to-back-office providers, as middle-office outsourcing becomes ubiquitous for big investors and managers. It is a development which has taken place concurrently with tightening revenue streams among asset managers, which are often under the same ownership umbrella as…
Bryan Gray, a genuine stalwart of, and major contributor to, the strong position of Australia and New Zealand’s asset servicing sector, has retired. He spent 12 years at State Street followed by nearly 20 years at J.P. Morgan. Gray is the only person to have been chair of the Australian Custodial Services Association twice, in…