In what is thought to be the largest fund administration mandate in Asia Pacific, the Hong Kong unit of the UK’s Prudential has consolidated >USD70bn across more than 40 portfolios with Citi. Citi will provide Prudential Hong Kong Limited with fund accounting, transfer agency and reporting services. This mandate represents the consolidation by Prudential of…
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State Street creates new digital finance division
State Street has launched a new division focused on digital finance. The new division, State Street Digital, will be led by Nadine Chakar, EVP and head of global markets. Chakar will report to Lou Maiuri, COO. Chakar will be replaced as head of global markets by Tony Bisegna, currently global head of portfolio solutions, FX…
Northern Trust promotes Higgins & Carey in Asia Pacific
Northern Trust has appointed Caroline Higgins as the head of Hong Kong, Macau and Taiwan, and Iain Carey as the head of Global Funds Services in Asia. Based in Hong Kong, Higgins will report to Angelo Calvitto, recently named head of Asia Pacific asset servicing. Reporting to Higgins, and assuming her prior role as head…
Arcesium launches performance allocation product
Arcesium, the U.S.-based financial technology and professional services firm, has launched PerformA, a performance allocations product designed to simplify the investor accounting process and reduce the risks, costs, and manual errors associated with spreadsheet-based fund accounting. PerformA is tailored for different client types, including hedge funds, fund administrators, and private equity firms.
LLR invests in Archer
Archer, a U.S.-based service provider to the investment management industry, has received a capital injection from LLR Partners, a lower middle market private equity firm investing in technology and healthcare businesses.
Parnassus appoints Ultimus for TA
Ultimus, a U.S.-based provider of fund administration, accounting, and investor solutions, has been appointed as transfer agent for Parnassus Investments, a San Francisco based fund family with USD41.7bn AuM. As part of the transition, over 300,000 Parnassus shareholder accounts were converted to Ultimus’ TA system. Parnassus focuses on building wealth by investing in companies that…
Northern Trust promotes Julie Zhu to lead asset servicing in China
Northern Trust has appointed Julie Zhu to lead its asset servicing business in China. Zhu, who is based in Beijing, assumes the role of branch manager from Michael Wu, who was most recently country executive for Greater China. She will report to Angelo Calvitto, who was recently appointed head of the Asia-Pacific region. Zhu, who…
ConBrio appoints Northern Trust and NatWest
ConBrio Fund Partners Ltd, a UK-based ACD, has appointed Northern Trust for custody and fund accounting, and NatWest Trustee and Depository Services for depository services. ConBrio was advised by Cooper Wood & Associates.
Intertrust acquires corporate secretarial business in HK
Intertrust has acquired the Hong Kong-based corporate secretarial business of Pinsent Masons, an international law firm. The acquisition enables Intertrust to offer a fully integrated corporate services proposition to its clients in Hong Kong and the wider APAC region and supports the firm’s regional growth strategy.
State Street appoints new heads of Taiwan & Hong Kong
State Street has appointed Pauline Wong as head of the Hong Kong SAR and Ilona Chen as head of Taiwan. These newly created roles will report to Mostapha Tahiri, head of Asia Pacific. Wong and Chen will oversee all State Street’s businesses in Hong Kong and Taiwan respectively. Wong joined State Street in 2011 and…