Formidium, a U.S.-based provider of fund technology and back-office solutions, has released a tax allocations and returns module for its fund accounting software, Seamless. The tax allocations module streamlines the process of tax allocations, federal/state returns preparation, tax schedules such as K1s, and returns such as 1099s and 1042s, for SPVs, hedge funds, venture funds,…
Richard
Slater to retire from BNY Mellon
James Slater, CEO of BNY Mellon’s corporate trust business, is to retire at the end of September. Slater, who has run the corporate trust business since 2022, was one of the original CIBC executives to join the CIBC Mellon joint venture at its formation in 1996 before moving to BNY Mellon in 2010. He served…
Northern Trust appoints FX chief
Northern Trust has appointed Dane Fannin to lead its global FX business. Fannin, who joined the bank in 2006, will retain his existing responsibilities for the securities finance business. He reports to Guy Gibson, global head of capital markets, banking & treasury services. Fannin replaces Marisa Kurk, who left earlier this year.
Altum to buy in Luxembourg
Altum Group, a C.I.-based provider of fund, corporate, and family office solutions, has agreed to acquire Link Fund Solutions (Luxembourg) S.A., a provider of AIFM and ManCo services, from Link Group. Link Luxembourg is part of Australia-based Link Group’s fund solutions business. Established in 2018, Link Luxembourg provides services to an institutional client base through…
Xceptor and Taskize form partnership
Xceptor, a data automation platform provider, and Taskize, the Euroclear-owned provider of inter-company workflow, have formed a partnership to supply financial institutions and energy firms with improved counterparty experiences and operational efficiencies. The partnership combines Taskize’s ability to reduce the volume of operational emails and provide greater clarity and real-time management information, with Xceptor’s platform…
Delamare steps down at Waystone
Cyril Delamare has stepped down as chief growth officer at Waystone, whilst remaining as an independent non-executive director of the MontLake UCITS platform. Delamare founded MontLake in 2009 and led the business through its merger with DMS Group and MDO, creating Waystone Group. Des Johnson, global chief revenue officer, will now lead the commercial team.
SS&C acquires Australian TA business
SS&C has signed a definitive agreement to acquire the managed funds administration business from Iress, an Australian financial services technology company. The MFA business is one of Australia’s largest third-party fund registries, with around AUD900bn (USD576bn) in managed assets across over 1,400 funds, four custodians and 69 fund managers. The deal is expected to close…
Sadu appoints Apex
Apex Group has been appointed by Sadu Capital to provide fund administration and AML solutions. Sadu Capital is a Saudi-based venture capital firm that invests in private technology startups. Sadu’s latest Cayman-domiciled fund focuses on investing in early-stage start-ups based in the Middle East & North Africa region.
TMF expands in Malta
TMF Group, the Netherlands-based provider of business administration services, plans to acquire Avanzia Taxand in Malta. Avanzia Taxand provides tax advisory and tax compliance services, as well as a suite of corporate services, including domiciliation, accounting and directorship. Completion of the transaction is subject to regulatory approvals.
HSBC launches ETF platform
HSBC has launched ETF Platform Solutions, its new end-to-end platform providing asset servicing solutions to ETF issuers globally. Under a single offering, ETF issuers will have access to HSBC’s markets & securities services capabilities, such as: ETF order management, PCF production, and custom ETF NAV attribution analysis; AP services including ETF seeding and HSBC’s ETF…