Many Wall Street participants, including middle- and back-office teams, are getting ready to celebrate a variety of spring holidays with the added bonus of a real bonus for their efforts last year. However, some may find that their bonuses have shrunk compared to last year. What may be more disturbing, though, is that a prominent… Read More >>
MUFG Launches a Major Foray into Asset Management
Mitsubishi UFJ Financial Group (MUFG) quietly announced what could turn out to be a major wave in the global asset management industry. MUFG, the holding company for commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing services, recently announced that it has begun implementing an asset management (AM) business strategy that… Read More >>
Growth Will Cause an Ops Revamp: Survey
Asset managers by a large majority expect there will organic growth in their markets and that they will be deploying new technology to help them deal with that growth, according to a new survey conducted by Coalition Greenwich and sponsored by Northern Trust. But the survey reveals a reluctance among firms to implement large-scale redesigns… Read More >>
Mason Stevens Taps Citi Securities Services for Custody
Mason Stevens Ltd., a private investment manager, has tapped Citi Securities Services, the custodian group at Citi, for custody as the Sydney, Australia-based firm sets in motion plans to expand its wealth management platform, officials say. Mason Stevens, which offers investment administration and managed account solutions, is actually expanding its relationship with Citi as they… Read More >>
BNY Mellon FSI DAC Fined $12M for Regulatory Breaches
Citing 16 breaches of the regulations governing fund administration outsourcing, the Central Bank of Ireland fined BNY Mellon Fund Services DAC a total of €10,780,000 ($11.9 million), making it the largest monetary penalty to date ever imposed on a fund services provider in Ireland. “BNY DAC is the second-largest fund administrator in Ireland with just… Read More >>
JPM Asset Management Taps JPM Securities Services
Following a two-year search, JPMorgan Asset Management (JPMAM) officials report that they will be outsourcing to JPMorgan’s Securities Services division an updated set of global operations that will encompass middle office services, collateral management, and risk analytics. The move means that there will be a definite swing to a more flexible model for services that… Read More >>
Northern Trust Launches Another Umbrella Trust
Northern Trust has launched an umbrella trust, dubbed the Datum One Series Trust, that it will offer to asset managers that would prefer to focus on distribution and investment goals, and let the custodian manage the infrastructure and back-office services. The new offering will include operational infrastructure support services via an integrated model, says Barbara… Read More >>
I-Star Gets Option access to Osaka Exchange
Nomura Research Institute, Ltd. (NRI), a consulting and system solutions vendor, has added a “weekly option dealing” component to the I-Star securities back-office solution, officials say. The new component provides access to new options on the Nikkei Stock Average, contracted by the Osaka Exchange. The new component is scheduled to be made available via the… Read More >>
NRI Readies I-STAR for Japanese Regulations
Consultancy and solutions vendor Nomura Research Institute (NRI) has announced a new functionality to its I-STAR securities back-office wholesale brokerage solution, aimed at helping I-STAR users become compliant with new Japanese regulations, officials say. The new component allows I-STAR users to manage the average price in margin and derivatives trading, a functionality Japanese users will… Read More >>
Hong Kong Firm Goes Live with Fidessa Platform
China Merchants Securities (CMS), a leading player in the Hong Kong financial markets, has gone live with Fidessa’s new “fully managed and outsourced” Asian trading platform, say Fidessa officials. CMS officials have “upgraded [to it] from its previous system to benefit from [Fidessa’s] expanded capabilities,” Fidessa officials say. CMS, majority owned by the People’s Republic,… Read More >>
