U.S. Bank now offers investors access to the Saudi Arabia market. HSBC Saudi Arabia will act as sub-custodian and Saudi Arabia British Bank as cash correspondent bank. HSBC and SABB will provide U.S. Bank with local custody and cash clearing services for investment services clients investing in Saudi Arabia through the qualified foreign investor (QFI)…
Category: Mandates
BNP Paribas to service Nikko Asset Management’s first passive ETF
BNP Paribas Securities Services has been appointed as custodian and administrator for Nikko Asset Management’s first passive ETF, domiciled in Hong Kong. As part of the mandate, BNP Paribas will provide middle office, custody services, trustee, transfer agent and fund administration. This expands an existing relationship between Nikko Asset Management and BNP Paribas.
Petroleum Development Oman hires State Street
State Street has been appointed by the Omani Staff Pension Fund for Petroleum Development Oman to provide custody and investment servicing solutions for >USD2.3bn AuM. PDO has been a client of State Street Global Advisors for several years, and this mandate represents a new collaboration for one of Oman’s largest private sector employers with State…
Paloma Partners hires SS&C GlobeOp for fund services
Paloma Partners, a U.S.-based hedge fund manager, has appointed SS&C GlobeOp for fund accounting, administration and regulatory services, using SS&C Geneva as the general ledger accounting platform. Paloma manages approximately USD4.8bn.
Apex wins RE admin mandate for Assembly in Australia
Apex has been appointed by Assembly Funds Management and AMAL Trustees to provide fund administration services for the Australian Diversified Property Fund 1. The fund was launched with an initial AUD150m (USD100m). Assembly will pursue real estate investment opportunities across Australia and New Zealand, targeting a range of property assets including office, logistics, residential and…
RBC to service Daiwa AM’s first Lux UCITS fund
RBC Investor & Treasury Services has supported the launch of the first Luxembourg UCITS fund for Daiwa Asset Management, the second largest asset management company in Japan. RBC will provide custody, fund accounting, transfer agency and depositary services.
Victory appoints Citi for additional USD80bn of USAA assets
Citi has been appointed by Victory Capital to provide fund administration, custody, ETF services and securities lending for Victory’s most recent acquisition, USAA Asset Management. The new mandate resulted in the transfer of servicing for 53 mutual funds and ETFs to Citi, representing approximately USD80bn in assets. This new mandate expands Citi’s existing relationship with…
UK’s House of Fraser pension fund appoints Northern Trust
Northern Trust has been selected by The House of Fraser Beatties & Jenners Pension Scheme to provide global custody and valuation reporting services to its defined benefit pension scheme. The GBP800m pension scheme has approximately 10,000 scheme members across the UK.
MEAG executes bond trade in China via HSBC
MEAG, the asset manager for Munich RE and ERGO, has become the first German investor to execute a bond trade in the Chinese capital market via Bond Connect. HSBC in Germany enabled settlement of the underlying transaction as well as the related FX. Tradeweb was used as the electronic trading system to execute the transaction…
CUNA Mutual selects SS&C Precision LM for loan admin
CUNA Mutual Group has selected SS&C Precision LM to streamline the origination, servicing, accounting, asset management and regulatory reporting of its commercial mortgage loan portfolio.