Lackluster investment in post-trade processes has caused an information blackout that prevents financial services firms from getting an enterprise-wide view of the money that has been spent on brokerage, custodian, exchange, and clearing services, and this weakness is taking a toll on profits, according to a new report from Meritsoft, a post-trade process automation services… Read More >>
State Street Buys BBH Investor Services for $3.5B
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 >>
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 >>
Black Diamond Adds Custodian Links to Ease Ops
The Black Diamond Wealth Platform is readying new integration options to the advisory platforms of custodian providers TD Ameritrade, Schwab, Fidelity and Pershing in an effort to ease the operational burden on investment advisors that need to streamline account openings and automate document delivery, officials say. Developers supporting the wealth management platform from SS&C Technologies… Read More >>
Caceis Fills U.K. Business Development Director Post
Caceis, an asset servicing banking group for institutional and corporate clients, has named Owain McNeill business development director for United Kingdom clients, officials say. McNeill reports to Annie Blouin, head of regional coverage for North America, U.K. and Ireland, according to a Caceis statement. McNeill, who will manage the teams in charge of U.K. sales activity, is “responsible… Read More >>
PIMCO’s Meyn: Better Recs Can Prevent Wrecks
Optimal reconciliation and exception management can catch early on many signs of fraud, rogue trading and other nightmares that have rocked the financial services industry in recent years and should be treated as such, says Cynthia Meyn, executive vice president of operations at Pacific Investment Management Co. (PIMCO), a bond investment giant based in Newport… Read More >>
