New global regulations and volatile market liquidity are prompting a majority (56 percent) of surveyed asset managers and asset owners to increase their technology and operational capabilities over the next year, in order to better manage financial and other data needed to meet regulatory compliance deadlines. That’s the top-line takeaway from “Let’s Talk Liquidity: Opportunities… Read More >>
BlackRock Signs Trillion-Dollar Custody Deal with JPMorgan
BlackRock will be using JPMorgan’s Corporate & Investment Bank unit for custodial services, fund accounting, and fund administration for more than $1 trillion of client assets, shifting them from State Street Bank and Trust Co. The move, expected to take two years to complete, is widely seen as a major win for JPMorgan. But it… Read More >>
State Street to Test Service for Collateral Settlement
State Street will embark upon a pilot program in the first quarter of 2017 that will test the margin settlement messaging service of vendor GlobalCollateral as the global custodian intends to automate as much as possible the collateral settlement process, officials confirm. GlobalCollateral, a joint venture of Euroclear and the DTCC, is readying for prime… Read More >>
State Street, Bloomberg Join Forces for Fixed Income ETFs
Custodian and asset manager State Street Corp. and market data and news provider Bloomberg have joined forces for a Bloomberg terminal enhancement that improves workflow and settlement for fixed income exchange traded funds (ETFs). The combined effort has led to an integration between Bloomberg’s Fixed Income ETF Basket service (BSKT<GO>) and State Street’s TotalETF automated… Read More >>
State Street Finalizes $485M Purchase of GEAM
State Street has closed the deal for its $485 million acquisition of GE Asset Management (GEAM), a divestiture from General Electric Company, and the giant asset manager/custodian has begun the transition of GEAM’s $100 billion in assets under management, officials say. The total purchase price of up to $485 million is “expected to be accretive… Read More >>
State Street Acquires GE Asset Management
Fairfield, Conn.-based General Electric (GE) reports that its wholly owned investment management arm, GE Asset Management (GEAM), has been acquired by Boston-based State Street Corp.’s State Street Global Advisors (SSGA) in a bid to strengthen its capabilities. The deal was for cash, “up to $485 million, subject to adjustments,” according to a statement by the… Read More >>
Wall Street Heavyweights Back Open Source Project for Blockchain
Blockchain technology, with distributed-ledger potential that has excited much of the financial services world, has gotten a big boost from the Linux Foundation, the San Francisco-based open source nonprofit founded in 2000, which reports the launch of a broadly based open source initiative. “The project will develop an enterprise grade, open source distributed ledger framework… Read More >>
Vendors Are Rushing to Fill Voids in Ops Offerings
Front-office financial technology vendors are moving quickly to expand their reach into the middle and back office while traditional portfolio accounting systems providers are moving upstream into the middle office in attempts to provide a fuller suite of asset management operational services, according to a new report from market research firm Celent, a division of… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
Nomura Joins Retreat from Swaps Clearing
Nomura Holdings is getting out of the clearing game for swaps transactions, dropping a previously offered service where the bank acted as a gateway for getting its customers’ swaps trades guaranteed by clearing houses. Nomura is just the latest of several banks to back away from clearing amid low margins and high costs imposed mainly… Read More >>
