State Street Corp. is acquiring the custody, accounting, fund administration, global markets, and technology services of private bank Brown Brothers Harriman & Co. — known as BBH’s Investor Services business — for $3.5 billion in cash in a major bid to become the top provider in the investment servicing industry. The firms report that they… Read More >>
BBH to Service Hong Kong’s First Active ETF
BBH to Be Registrar for Active ETF Brown Brothers Harriman & Co. (BBH) has been appointed as the custodian and administrator for the first actively managed exchange traded fund (ETF) domiciled in Hong Kong, officials report. “The ICBC CICC USD Money Market ETF is being launched by China International Capital Corporation (CICC) with ICBC Asset… Read More >>
BBH’s Top IT Exec to Head Fintech Business
Brown Brothers Harriman & Co. (BBH), the venerable private bank founded in Philadelphia in 1818, reports that Michael McGovern, a managing director, has been appointed head of the firm’s investor services’ financial technology offerings, which include middle office services, its proprietary Infomediary offering, and other software-as-a-service (SaaS) technology for asset managers and financial institutions Infomediary,… Read More >>
ISITC’s New Chair to Take on Third-Party Risk
(Industry standards group ISITC has a new chair, Erica T. Choinski, a vice president at Brown Brothers Harriman & Co. (BBH), which offers private banking, investment management and investor services. Choinski is taking over for Jeff Zoller, who finished a three-year term as ISITC chairman in December 2016. An ISITC member since 2004, Choinski has… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
FinTech Products Update
The Depository Trust & Clearing Corp. (DTCC) has moved into the third phase of its corporate actions messaging overhaul with a new corporate actions pilot program intended to test ISO 20022 messages that incorporate all stages of distribution events from entitlements and payments to instructions.During the first two phases of the overhaul, DTCC officials upgraded… Read More >>
BBH: Regulators to Scrutinize Clouds
Financial services firms should expect more regulatory scrutiny as they advance their usage of cloud computing, says Christopher C. Remondi, a managing director at Brown Brothers Harriman & Co. (BBH). Remondi, the global head of BBH’s systems and technology division, made his comments at the SWIFT Operations Forum – Americas conference in New York last… Read More >>
