The Bank of New York Mellon Corp. is acquiring Milestone Group, a fund management technology vendor, so that BNY Mellon can provide its custody banking clients with more digital solutions for net asset value (NAV) support, officials say. The Milestone Group offers the pControl platform for fund and investment automation. The acquisition will help BNY… Read More >>
CFTC Mulls SOFR Start Date for Interdealer Brokers
MRAC Subcommittee Urges July 26 Start Date A key CFTC subcommittee is recommending that interdealer brokers replace the trading of U.S. Dollar linear interest rate swaps (IRS) based upon the London Inter-Bank Offered Rate (LIBOR) with the trading of IRS based upon the Secured Overnight Financing Rate (SOFR) starting July 26, 2021, and to continue… Read More >>
BNY Mellon Helps Crypto Custody Startup Raise $133M
Fireblocks Raises a Total of $179 Million Crypto infrastructure provider Fireblocks has raised $133 million in Series C funding with help from the Bank of New York Mellon and SVB Capital, the investment platform of SVB Financial Group, via an effort led by Coatue, Ribbit Capital, and Stripes Group, officials say. With this round of… Read More >>
BNY Mellon Readies Platform for Digital Asset Custody
Digital Assets Platform Due Later This Year New school crypto-currency and other digital assets have gotten the blessings of the establishment with the news that BNY Mellon is creating a digital assets unit slated to create a secure infrastructure to facilitate the transfer, safekeeping, and issuance of digital assets. The new Digital Assets unit “will… Read More >>
BNY Mellon & Google Cloud Take On Treasury Settlements
BNY Mellon to Apply Google Cloud Technologies The Bank of New York Mellon (BNY Mellon) will be using Google Cloud technologies to help U.S. Treasury market participants “better predict billions of dollars in daily settlement failures,” officials say. The combined effort is also intended to “generate significant capital and liquidity savings, and unlock operational efficiencies,”… Read More >>
Janus Henderson Moves to Cloud-Based Data Platform
Active asset manager Janus Henderson has begun an implementation of a global, cloud-based, investment data management platform that will eventually yield a consolidated, unified data store. The new cloud-based platform from BNY Mellon, a custodian bank and service provider, is intended help clients centralize and better manage complex investment assets, officials say. A cloud-based solution… Read More >>
Citi Combines Two Wealth Management Groups into One
‘Citi Global Wealth’ Launches Citi officials report that they have spliced together the bank’s Global Consumer Banking (GCB) and the Institutional Clients Group (ICG) and formed a “unified wealth management organization” dubbed Citi Global Wealth, that will yield one streamlined, integrated platform to serve clients ranging from those in affluent segments to ultra-high net worth… Read More >>
Electra Targets Manual Woes in Client Fee Billing
Electra Billing 6.0 Launches Electra Information Systems, a provider of reconciliation and other post-trade processes for the buy side, has launched Electra Billing 6.0, a system for audit and workflow control, designed for client-fee billing. Electra Billing 6.0 is intended to “reduce risk by increasing the accuracy and efficiency of approval workflows throughout vital… Read More >>
Commerzbank Fills CEO Post via Deutsche Bank Hire
Manfred Knof to Replace Martin Zielke at Commerzbank Frankfurt-based Commerzbank has named its next CEO as Manfred Knof who comes from Deutsche Bank where he’s been head of a competing private banking business for Germany. Knof, 55, will oversee the bank’s managing directors, starting January 1 of next year. He will succeed Martin Zielke, the… Read More >>
BNY Mellon Staff to Stay Remote for 2020
BNY Mellon Mum About 2021 Custody bank BNY Mellon is telling its approximately 48,000 staff members across the globe to continue to work remotely for the rest of 2020. “Our top priority remains the health and safety of our employees and our clients,” a BNY Mellon spokesperson tells FTF News. “A majority of our global… Read More >>
