State Street Bank and Trust Company will pay more than $88 million to settle allegations that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets, according to a Securities and Exchange Commission (SEC) report. The overcharges allegedly included a “secret markup that State Street… Read More >>
SSBT & OFAC Resolve Iranian Sanctions Violations
The multiple violations, all of which involved a single American citizen living in Iran, took place from 2012 to 2015. However, OFAC has assessed “no monetary penalty” for those ITSR violations, according to a statement from the Treasury office. According to OFAC, between the beginning of 2012 and September 2015, SSBT “processed at least 45… Read More >>
Buy Side Faces Costly Ops Changes: SimCorp CEO
(Klaus Holse, CEO for SimCorp, is reaching out to the buy side via an open letter about front-to-back integration issues for investment management technology. His online letter notes that integration issues are caused in part by the “rapid rise of alternatives, which presents new costs and challenges.” This is helping buy-side firms rethink multi-asset, end-to-end… Read More >>
Disruptors to Empower the Buy Side: CRD CEO
John Plansky, the new CEO of vendor Charles River Development (CRD), says that a convergence of disruptors is driving industry change and is shifting power from the sell side to the buy side — one of the related subjects he will be focus on during his keynote address at the 25th Annual Securities Operations Summit… Read More >>
State Street’s New COO to Oversee CRD Integration
Custodian giant State Street Corp. has promoted Lou Maiuri to the role of chief operating officer (COO) from his post as head of State Street’s Global Markets and Exchange businesses. A key aspect of his new position will be to oversee the integration of software and services vendor Charles River Development (CRD), which State Street… Read More >>
CRD Partners with AcadiaSoft & Expands Liquidnet Alliance
Charles River Development (CRD) will be working with AcadiaSoft via a new business alliance and expanding its partnership with Liquidnet — its first major industry moves since its acquisition last year by custodian giant State Street Corp. for $2.6 billion. When CRD was acquired in October 2018, the combined companies announced that they would build… Read More >>
FTF Awards Gala Q&A: It’s Time to End Data Silos
(Editor’s note: Subbiah Subramanian, senior vice president, global head of DataGX, State Street, took time out of his very busy schedule to answer questions related to State Street’s Best Data Management Solution win via the FTF News Technology Innovation Awards, which were presented to winners at a gala event this past June in New York… Read More >>
Broadridge Acquires Summit Financial Disclosure
Broadridge, Summit to Integrate Offerings Broadridge Financial Solutions recently announced that it has acquired Summit Financial Disclosure, a financial document management solutions provider in an effort to provide an end-to-end service. The acquisition will lead to the integration of Summit’s document composition and regulatory filing services with Broadridge’s proxy voting and shareholder communications services, officials… Read More >>
SEC Penalizes State Street $35M+ in Transition Management Case
The SEC reports that State Street, the venerable, Boston-based financial services company founded in 1792, has agreed to pay more than $35 million to settle charges that it “fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities.” “Transition management,” the… Read More >>
UBS Adds Six Banks to Crypto-Currency Settlement Push
The buzz around crypto-currency blockchain/distributed ledger technology (DLT) continues with UBS’s utility settlement coin (USC), adding six of the world’s largest banks — Barclays, HSBC, State Street, Credit Suisse, MUFG and the Canadian Imperial Bank of Commerce — to its roster. The new members join UBS, Deutsche Bank, Santander, BNY Mellon and the financial services… Read More >>
