U.K. regulator, the Competition and Markets Authority (CMA), published on August 25 its Final Undertakings report on FNZ’s acquisition of GBST, and it spells out the next steps for the FNZ-GBST breakup. The CMA wants this breakup because it has concluded that a combined FNZ-GBST would diminish competition in the retail investment platform solutions space…. Read More >>
FNZ Told for a Second Time to Undo GBST Acquisition
FNZ may have to undo its acquisition of GBST because a regulator in the U.K. — the Competition and Markets Authority (CMA) — has again determined that the union of FNZ and GBST would “substantially lessen competition” and is reviewing “different remedy options to address these concerns,” CMA officials say. GBST provides the Syn~ suite… Read More >>
Credit Suisse & Instinet Use Blockchain for T+0 Settlement
Instinet & Credit Suisse Use Paxos Settlement Service Instinet and Credit Suisse used blockchain technology from Paxos Trust Company to settle U.S. listed equities trades on a same-day, T+0 settlement, cycle via the Paxos Settlement Service, the market infrastructure provider confirms. “The trades occurred [March 4, 2021] at 11 AM ET and 3 PM ET… 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 >>
Facial Recognition App Offered via NICE Actimize Marketplace
Facepoint Available via NICE Actimize’s Marketplace Hoboken, N.J.-based NICE Actimize, a NICE business, reports that Facepoint, which offers a biometric risk screening engine, has joined the X-Sight Marketplace NICE Actimize’s X-Sight Marketplace includes “more than 60 technology partners,” according to a statement, which calls the marketplace the “first financial crime and compliance ecosystem that connects… Read More >>
St. James’s Place Moves to SS&C’s Bluedoor
With the help of SS&C Technologies, the London-based St. James’s Place Wealth Management (SJP) has migrated its £69.1 billion ($86.3 billion) in customer accounts from a legacy mainframe application to SS&C’s Bluedoor and Percana Insurance solutions in an effort to give end-user clients a single view across pensions and savings products, officials say. SS&C made… Read More >>
Broadridge Grows Canadian Business via RPM Purchase
Post-trade systems and services provider Broadridge Financial Solutions, Inc., is bolstering its Canadian wealth management business by acquiring RPM Technologies, a Toronto-based enterprise wealth management software solutions and services vendor, for approximately $300 million from RPM’s owner private equity firm Bayshore Capital Inc. Broadridge reports that it has signed a purchase agreement to acquire RPM’s… Read More >>
Securian Trust Employs SEI’s Cloud-Based Platform
SEI Client to Focus on Automation & Integration SEI reports that Securian Trust Company, an SEI client since 2009, will adopt its wealth platform, intended to “provide a seamless experience for … clients and the advisors that serve them.” The platform, SEI says, is a “fully-integrated, single-infrastructure technology solution developed to support client relationship management,… Read More >>
Mirador Strips Out Manual Processes via Canoe Intelligence
Mirador, a provider of bespoke portfolio performance reporting solutions, is partnering with Canoe Intelligence to streamline the document management and data extraction workflows required for alternative investment reporting, officials say. The Canoe offerings are helping Mirador eliminate many manual data entry steps for alternative asset investors — a key frustration for the reporting processes associated… Read More >>
Schroders & Lloyds Form Partnership for Mandate & JV
A major British fund manager, Schroders, and a banking giant, Lloyds Banking Group, have agreed to a complex strategic partnership that among other initiatives will yield a financial planning joint venture (JV) intended to jolt the wealth management space for the U.K. “The strategic partnership will combine Schroders’ investment and wealth management expertise and technology… Read More >>
