Custodian bank

Last updated

A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners (e.g. sovereign wealth funds, central banks, insurance companies), asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail banking like lending.

Contents

In the past, the custodian bank purely focused on custody, safekeeping, settlement, and administration of securities as well as asset servicing such as income collection and corporate actions. Yet, in the modern financial world, custodian banks have started providing a wider range of value-adding or cost-saving financial services, ranging from fund administration to transfer agency, from securities lending to trustee services.

Definition

Custodian banks are often referred to as global custodians if they safe keep assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks ("sub-custodian" or "agent banks") with which they contract to be in their "global network" in each market to hold accounts for their respective clients. Assets held in such a manner are typically owned by larger institutional firms with a considerable number of investments such as banks, insurance companies, mutual funds, hedge funds and pension funds.

History

Early history

In 1961, U.S. President John F. Kennedy established a Committee on Corporate Pension Plans. [1] 2 years later, Studebaker Auto Manufacturer shuttered its business and operations, and it failed to provide pensions to the approximately 7,000 employees affected. Hence, in 1974, U.S. President Gerald Ford proposed an Employee Retirement Income Security Act (ERISA Act), protecting the employee benefit plans' standards. [2]

Since the Act has become effective, employers could not hold and keep their pension fund assets. Instead, they are obligated to appoint external custodians to safekeep the assets. [3] Also, they are required to appoint trustees and depositories to ensure the pension funds are operated in the best interest of the pension holders and aligned to the investment mandates. [4]

Further developments

Currently, more banks have developed a wide range of custody and related services (securities services), and have been keen on developing new technologies (e.g. blockchain, API, distributed ledger) and aligning with the fast-moving regulatory requirement, such as digital assets. [5] [6]

Client segments and products

The securities services industry mainly serves two types of clients: 1) Asset Owners & Managers and 2) Banks, Brokers & Dealers.

Asset owners and managers

The client segment of Asset Owners & Managers includes asset management companies, alternative asset managers, insurance companies, pension funds, sovereign wealth funds, central banks, family offices and prime brokers. [7]

The bank may offer the following products & services: [7] [8]

Product / ServiceDescription
Global CustodySafekeeping and administration of assets of clients, for instance, asset managers & owners, in multiple markets. They serve as the first point of contact for their global clients. However, they may not have such a strong network in every jurisdiction in which the clients want to invest. Hence, the global custodian needs to appoint and manage direct custodians which have existing securities services infrastructure in some individual markets. [9]
Fund Administration Fund accounting and valuation services across different fund types and structures by using the bank's integrated fund accounting platform. For example, offering Net asset value (NAV) and portfolio holding etc. reports and financial reporting support. Usually, ETF services also fall under the scope of fund admin.
Transfer Agency Handling fund subscription and redemption for funds like mutual funds and ETFs. Also, to conduct shareholder servicing and recordkeeping for dividend payout purpose.
Securities lending Lending of securities from one party to another for a limited period of time, in exchange for a lending fee and collateral. The objective of securities lending is to enhance the liquidity in the secondary market especially for benchmark or actively traded securities by providing mechanisms to increase market liquidity, market making activities and also to enhance the return on portfolio investment.
Middle Office OutsourcingOffers technical solutions and post-trade execution operational services. For example, portfolio management tools such as portfolio management, pre-trade compliance and order management. Also, trade Management functions like trade confirmation and dissemination of settlement instructions, and investment operational function, investment record-keeping, reconciliation, pricing, CA processing, derivatives processing etc. It helps the fund houses to decrease operational costs and risks.
Treasury Products Provides cash management solution for idle cash of fund managers and also FX solutions for securities transactions.
Collateral Management Banks can optimize financial institutions' collateral portfolios with internal analysis tools and flexible two-way/three-way solutions. A number of global banks can make better use of their global capabilities to help FI manage one-stop global or onshore collateral, and meet complex financing and liquidity needs. [10]
Trustee Services Act as a separate third-party function to oversight and monitor the fund manager investment compliance and also its service providers' responsibilities.

Banks, brokers and dealers

The client segment of Banks, Brokers & Dealers includes global custodians, banks, brokers and dealers. [7]

The bank may offer the following products & services: [11]

Product / ServiceDescription
Direct Custody & Clearing A Direct custodian offers custody services in their local markets. Global custodians are their focused clients as direct custodians can offer knowledge and experience of the markets and industry, and close relationships with the local regulators in the local market, which the global custodian might lack but require. Therefore, it is responsible for the safekeeping and administration of assets of clients, for instance, asset managers & owners, in a local market. [12]
Third Party Clearing [13] The TPC model enables easier access to the cash market through segregation of trading and clearing participantships.
Account Operators [14] The AO model allows local and cross-border broker-dealers to outsource their securities back-office operations to the custodian bank, which will act on behalf of broker-dealer clients in the clearing and settlement of trades executed on the exchange while clients will continue to handle all front-office related activities such as research, trading and investor servicing.

Importance of custodian

Using US definitions, a person who owns street name securities and who is not a member of an exchange holds the securities through a registration chain which involves one or more custodians. This is due to the perceived impracticality of registering traded securities in the name of each individual holder; instead, the custodian or custodians are registered as the holders and hold the securities in a fiduciary arrangement for the ultimate security holders. However, the ultimate security holders are still the legal owners of the securities. They are not merely beneficiaries of the custodian as a trustee. The custodian does not become at any point the owner of the securities, but is only a part of the registration chain linking the owners to the securities. Global securities safekeeping practices vary substantially, with markets such as the UK, Australia and South Africa encouraging designated securities accounts in order to permit shareholder identification by companies.

The definition of "shareholder" is generally upheld by corporate law rather than securities law. One role of custodians (which may or may not be enforced by securities regulation) is to facilitate the exercise of share ownership rights, for example and processing dividends and other payments, corporate actions, the proceeds of a stock split or a reverse stock split, the ability to vote in the company's annual general meeting (AGM), information and reports sent from the company and so forth. The extent to which such services are offered are a function of the client agreement together with relevant market rules, regulations and laws.

Industry profile

Industry size

As of end-2023, the market size (as measured by worldwide client assets under custody and/or administration) amounted to some $230 trillion. The market share of the largest global custodians has varied quite dramatically over the past 25 years [15]

As of 2022, the market size (as measured by revenue) of the Custody, Asset & Securities Services industry in the US is $32.5bn, with a YoY 2.9% growth between 2017 and 2022. [16]

Industry players

Many investment banks and banks offer securities services. Generally, the division of securities services is either grouped with Global Markets to form a larger umbrella of Markets & Securities Services (MSS) or falls under the umbrella of Corporate Banking or Transaction Banking.

For instance, Citi and HSBC restructured and combined their Global Markets and Securities Services divisions in 2019 [17] and 2020 [18] respectively.

Players include (in alphabetical order): [19]

Industry ranking

Global

According to the Asset under Custody League Table [20] by Global Custodian, custodian banks' assets under custody and/or administration (AUC/AUA) are:

CompanyAUC/AUA
(US$)		As of
Flag of the United States.svg BNY 46.6 trillionMay 2023 [21]
Flag of the United States.svg State Street 38.2 trillion30 June 2022 [22]
Flag of the United States.svg JPMorgan Chase 28.6 trillion*30 June 2022
Flag of the United States.svg Citi 26.8 trillion30 June 2022
Flag of the United Kingdom.svg HSBC 15.7 trillion31 December 2021
Flag of France.svg BNP Paribas 13.9 trillion30 June 2022
Flag of the United States.svg Northern Trust 13.7 trillion30 June 2022
Flag of France.svg Flag of Spain.svg CACEIS7.8 trillion31 December 2021
Flag of France.svg Societe Generale 5.0 trillion30 June 2022

* Assets under custody only

Data on Assets under Custody and Assets under Administration have been collected by globalcustody.net [23] and fundservices.net [24] since 1999, running to 50+ service providers. Performance of 19 service providers against service benchmarks is reported at ServiceMatrix. [25]

Regional

According to the Global Custody Survey 2020 by Global Investor Group, the top custody regional players are: [26]

RegionBank Name
Americas Flag of the United States.svg JPMorgan Chase
Asia-Pacific Flag of the United Kingdom.svg HSBC
Europe, Middle East, and Africa (EMEA) Flag of the United Kingdom.svg HSBC

Notable industry acquisitions

2000 to 2010

In November 2002, State Street announced that it had acquired global custody business with assets under custody of approximately €2.2 trillion of Deutsche Bank's Global Securities Services (GSS) business for $1.5 billion, subject to adjustment. [27]

In July 2003, HSBC announced the agreement to acquire 82.19% of Korean fund administrator Asset Management Technology (AM TeK) for $12.47 million in cash, which was the biggest fund administrator in South Korea, with $24 billion of assets under administration. [28]

In August 2003, U.S. Bancorp acquired corporate trust business of State Street for $725 million. [29]

In October 2004, Citi acquired ABN AMRO's direct custody, securities clearing, and fund services businesses in selected European and Asian markets for around $50 million. [30]

In November 2005, U.S. Bancorp announced that it was purchasing the corporate trust and institutional custody businesses of Wachovia Corporation. [31]

In July 2006, HSBC announced that it was acquiring Westpac sub-custody operations in Australia and New Zealand for $112.5 million, making the British bank the leading sub-custody and clearing player in Australia and New Zealand. [32]

In July 2007, the merger between Bank of New York and Mellon Financial Corporation had been finalised to create BNY Mellon, which is the largest custodian and asset servicer with more than $18trn in assets under custody and administration at that time. [33]

In July 2007, State Street confirmed that it was acquiring Investors Financial Services for $4.2 billion. [34]

Also in July 2007, the French bank BNP Paribas announced an acquisition of a minority stake of 33.4% in the capital of SLIB, which had been a 100% subsidiary of Natixis prior to the acquisition. [35]

In November 2009, J.P. Morgan Chase acquired ANZ's custodian services business, including access to more than 100 clients and US$90.71 billion in assets under custody. [36]

In April 2010, Standard Chartered acquired Barclays African custody business, which had assets under custody of $3.8 billion. [37]

One month later, in May 2010, State Street announced the completion of its acquisition of Intesa Sanpaolo's Securities Services business (ISPSS) for €1.28 billion in cash. [38]

Since 2011

In April 2013, Citi announced that it was acquiring ING Group's Custody and Securities Services Business in Central and Eastern Europe with €110 Billion in assets under custody. [39] In the same month, Standard Chartered acquired custody business in South Africa from Absa Bank. [40]

In February 2018, Butterfield Bank announced that it was purchasing Deutsche Bank's Global Trust Solutions business in the Cayman Islands, Jersey and Guernsey. [41]

In March 2020, Citi announced that it was buying Royal Bank of Canada's custody business in Australia. [42]

In January 2021, U.S. Bancorp acquired the debt servicing and securities custody services client portfolio of MUFG Union Bank, with approximately 600 client relationships and $320 billion in assets under custody and administration. [43]

In September 2021, State Street announced that it was acquiring Brown Brothers Harriman's Investor Services business, including its custody, accounting, fund administration, global markets and technology services, for $3.5 billion in cash. [44] However, in November 2022, State Street and BBH announced the termination of this transaction. [45]

In January 2022, Standard Chartered announced an agreement to acquire 100% ownership of RBC Investor Services Trust Hong Kong Limited from RBC Investor & Treasury Services, expanding its custodian business to MPF and ORSO schemes trusteeship business in Hong Kong. [46]

Self-directed retirement account custodians (US)

According to the Internal Revenue Code (IRC) in the US, various retirement accounts such as: Traditional IRAs, Roth IRA, SEP IRA, or 401k plan accounts require that a qualified trustee, or custodian, hold IRA assets on behalf of the IRA owner. The trustee/custodian provides custody of the assets, processes all transactions, maintains other records pertaining to them, files the required IRS reports, issues client statements, helps clients understand the rules and regulations pertaining to certain prohibited transactions, and performs other administrative duties on behalf of the self-directed retirement account owner.

Self-directed retirement account custodians (also known as "self-directed IRA custodians" or "self-directed 401k custodians") should not be confused with a custodian bank, which strictly provides safekeeping for securities. While a self-directed retirement account custodian can provide custody for securities, typically it will specialize in non-security assets, or alternative investments. Examples of alternative investments would be: Real Estate, precious metals, private mortgages, private company stock, oil and gas LPs, horses, and intellectual property. These types of assets require a specialization on the part of the custodian due to the complexity of the documentation required to keep the alternative investments in compliance with the IRC.

Mutual fund custodian

A mutual fund custodian refers typically to a custodian bank or trust company (a special type of financial institution regulated like a "bank"), or similar financial institution responsible for holding and safeguarding the securities owned by a mutual fund. A mutual fund's custodian may also act as one or more service agents for the mutual fund such as being the fund accountant, administrator and/or transfer agent which maintains shareholder records and disburses periodic dividends or capital gains, if any, distributed by the fund. The vast majority of funds use a third party custodian as required by SEC regulation to avoid complex rules and requirements about self-custody.

A mutual fund retirement account (IRA, SEP etc.) custodian, however, refers to the plan administrator and recordkeeper such as noted above, which may not necessarily be the same institution providing custody services to the investments of the overall fund.

See also

Related Research Articles

<span class="mw-page-title-main">State Street Corporation</span> Global financial services company

State Street Corporation is an American global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.

<span class="mw-page-title-main">Investment banking</span> Type of financial services company

Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">HSBC</span> British multinational bank group

HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.919 trillion as of December 2023.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked companies, insurers, pension funds, sovereign wealth funds, charities, hedge funds, real estate investment trusts, investment advisors, endowments, and mutual funds. Operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments. In 2019, the world's top 500 asset managers collectively managed $104.4 trillion in Assets under Management (AuM).

Prime brokerage is the generic term for a bundled package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return. The prime broker provides a centralized securities clearing facility for the hedge fund so the hedge fund's collateral requirements are netted across all deals handled by the prime broker. These two features are advantageous to their clients.

In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institution—or a decentralized network protocol manages and invests, typically on behalf of its clients. Funds may be managed for clients, platform users, or solely for themselves, such as in the case of a financial institution which has mutual funds or holds its own venture capital. The definition and formula for calculating AUM may differ from one entity to another.

<span class="mw-page-title-main">Ameriprise Financial</span> American financial services company

Ameriprise Financial, Inc. is an American diversified financial services company and bank holding company based in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

State Street Global Advisors (SSGA) is the investment management division of State Street Corporation founded in 1978 and the world's fourth largest asset manager, with nearly US$4.1 trillion in assets under management as of December 31, 2023. SSGA operates through State Street Global Advisors Trust Company, which is a subsidiary of State Street Bank and Trust Company.

<span class="mw-page-title-main">Northern Trust</span> American financial services company

Northern Trust Corporation is an American financial services company headquartered in Chicago, Illinois, that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation. As of June 30, 2022, it had $1.7 trillion in assets under management and $17 trillion in assets under custody. Northern Trust Corporation is incorporated in Delaware.

HSBC Bank Bermuda Limited, previously the Bank of Bermuda Limited, is a financial services company in Bermuda providing retail and corporate banking, investment, custody and fund administration services to international and local clients. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities. The bank sold much of its Cayman operations in 2014, and disposed its private banking operations at the end of April 2016. The three remaining divisions are retail banking wealth management, commercial banking and global banking and markets. These three businesses represent over 90% of total revenues.

<span class="mw-page-title-main">BNY Mellon</span> American financial services company

The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was formed in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation. Through the lineage of Bank of New York, which was founded in 1784 by a group that included American Founding Father Alexander Hamilton, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world. It was the first company listed on the New York Stock Exchange. In 2024, it was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue. As of 2024, it is the 13th-largest bank in the United States by total assets and the 84th-largest in the world. BNY is considered a systemically important financial institution by the Financial Stability Board.

The Pictet Group, known as Pictet, is a Swiss multinational private bank and financial services company founded in Switzerland. Headquartered in Geneva, it is one of the largest Swiss banks and primarily offers services in wealth management, asset management, and asset servicing, to private clients and institutions.

Bank of America Private Bank was founded in 1853 as the United States Trust Company of New York. It operated independently until 2000, when it was acquired by Charles Schwab, and Co. and subsequently sold to, and became a subsidiary of, Bank of America in 2007. Bank of America Private Bank provides investment management, wealth structuring, and credit and lending services to clients.

<span class="mw-page-title-main">First Sentier Investors</span> Australian Investment management company

First Sentier Investors, formerly known as Colonial First State Global Asset Management in Australia and First State Investments elsewhere, is a global asset management business that manages US$146.2 billion in assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and clients worldwide. First Sentier Investors provides active, specialist investment capabilities managed by a group of independent investment teams. They take a long-term approach to investment with a focus on preserving capital and performance through market cycles.

<span class="mw-page-title-main">SS&C Technologies</span> American financial technology company

SS&C Technologies Holdings, Inc. is an American multinational holding company headquartered in Windsor, Connecticut, that sells software and software as a service to the financial services industry. The company has offices in the Americas, Europe, Asia, Africa and Australia.

Sanne Group is a provider of asset management services. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by Apex Group in August 2022.

<span class="mw-page-title-main">Securities market participants (United States)</span>

Securities market participants in the United States include corporations and governments issuing securities, persons and corporations buying and selling a security, the broker-dealers and exchanges which facilitate such trading, banks which safe keep assets, and regulators who monitor the markets' activities. Investors buy and sell through broker-dealers and have their assets retained by either their executing broker-dealer, a custodian bank or a prime broker. These transactions take place in the environment of equity and equity options exchanges, regulated by the U.S. Securities and Exchange Commission (SEC), or derivative exchanges, regulated by the Commodity Futures Trading Commission (CFTC). For transactions involving stocks and bonds, transfer agents assure that the ownership in each transaction is properly assigned to and held on behalf of each investor.

Citco, also known as the Citco Group of Companies and the Curaçao International Trust Co., is a privately owned global hedge fund administrator headquartered in the British Virgin Islands, founded in 1948. It is the world's largest hedge fund administrator, managing over $1 trillion in assets under administration.

References

  1. ↑ "Erisa 40 Timeline Alternate". U.S. Department of Labor. U.S. Department of Labor. Retrieved January 25, 2022.
  2. ↑ "President Ford Signing ERISA of 1974". Pension Benefit Guaranty Corporation. Pension Benefit Guaranty Corporation. Retrieved April 27, 2017.
  3. ↑ "Investment Company Act of 1940" (PDF). US Government. US Government. Retrieved May 13, 2021.
  4. ↑ "Investor Bulletin: Custody of Your Investment Assets". U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission. Retrieved December 6, 2021.
  5. ↑ "The evolution of a core financial service - Custodian & Depositary Banks" (PDF). Deloitte. Deloitte. Retrieved January 1, 2019.
  6. ↑ "Summary and Highlights: The Securities Services Industry in the 'New' World". Future of Finance. Future of Finance. Retrieved November 11, 2021.
  7. 1 2 3 "The Custody Services of Banks" (PDF). Davis Polk. The Clearing House. Retrieved July 28, 2016.
  8. ↑ "Securities Services: The Good Times Are Over, It Is Time To Act" (PDF). Oliver Wyman. David Maya, Hugues Bessiere. Retrieved June 1, 2015.
  9. ↑ "Sectors explained: Global Custody". eFinancialCareers. eFinancialCareers. Retrieved September 1, 2013.
  10. ↑ "A practical 10-step guide to collateral management" (PDF). IHS Markit. CloudMargin. Retrieved June 1, 2017.
  11. ↑ "Securities Services: The Good Times Are Over, It Is Time To Act" (PDF). Oliver Wyman. David Maya, Hugues Bessiere. Retrieved June 1, 2015.
  12. ↑ "SUB-CUSTODY: You'll miss us when we're gone". Funds Europe. Funds Europe. Retrieved October 1, 2015.
  13. ↑ "Third Party Clearing by HKSCC General Clearing Participants". HKEX.
  14. ↑ "Account Operator definition". Law Insider.
  15. ↑ "Assets under Custody markets share trends". globalcustody.net. ServiceMatrix Ltd. Retrieved May 23, 2024.
  16. ↑ "Custody, Asset & Securities Services in the US - Market Size 2003–2027". IBISWorld. IBISWorld. Retrieved February 9, 2022.
  17. ↑ "Citi combines equities, prime brokerage and securities services units". The Trade. Joe Parsons. Retrieved March 5, 2020.
  18. ↑ "HSBC combines markets and securities services divisions in major restructure". The Trade. Joe Parsons. Retrieved July 30, 2019.
  19. ↑ "Custodians By Assets Under Custody (AUC)". TAB Financial Markets. The Asian Banker. Retrieved December 31, 2010.
  20. ↑ "Custodians by assets under custody and administration". Global Custodian. Global Custodian. Retrieved Aug 6, 2022.
  21. ↑ "BNY Mellon Wins Top Honors at Global Custodian Awards". BNY Mellon. Retrieved 2024-02-11.
  22. ↑ "2Q 2022 Financial Highlights" (PDF). State Street. State Street. Retrieved July 15, 2022.
  23. ↑ "Assets under Custody". GlobalCustody.net. ServiceMatrix Ltd. Retrieved May 23, 2024.
  24. ↑ "Assets under Administration". FundServices.net. ServiceMatrix Ltd. Retrieved May 23, 2024.
  25. ↑ "ServiceMatrix Supplier Gap Analysis". ServiceMatrix.net. ServiceMatrix Ltd. Retrieved May 23, 2024.
  26. ↑ "Global Custody Survey 2020". September 30, 2020. Retrieved September 30, 2020.
  27. ↑ "State Street Confirms Purchase Of Deutsche GSS Assets". Global Custodian. Retrieved November 5, 2002.
  28. ↑ "HSBC acquires Korea fund administrator". Asian Investor. Retrieved July 2, 2003.
  29. ↑ "U.S. Bank to Acquire State Street's Corporate Trust Business" (Press release). Business Wire. August 13, 2002.
  30. ↑ "Citi acquires ABN Amro's custody business for around $50 mn". Economic Times. Retrieved October 19, 2004.
  31. ↑ "U.S. Bank to Acquire the Corporate Trust and Institutional Custody Business from Wachovia". US Bank. US Bank. Retrieved November 29, 2005.
  32. ↑ "HSBC To Pay Up To US$112.5 Million For Westpac Sub-Custody Operations In Australia And New Zealand". Global Custodian. Retrieved July 27, 2006.
  33. ↑ "Custody industry consolidates". IPE. Heather Mckenzie. Retrieved September 1, 2007.
  34. ↑ "State Street finalises takeover". Irish Examiner. Niamh Hennessy. Retrieved July 3, 2007.
  35. ↑ "BNP Paribas to take a minority interest in SLIB". BNP Paribas. BNP Paribas. Retrieved July 17, 2007.
  36. ↑ "J.P. Morgan acquires ANZ's custodian services business". Asia Asset Management. Retrieved November 20, 2009.
  37. ↑ "Standard Chartered Buys Barclays African Custody Business". Global Custodian. Retrieved April 27, 2010.
  38. ↑ "State Street acquires Intesa Sanpaolo's Securities Services business". Securities Finance Times. Retrieved May 17, 2010.
  39. ↑ "Citi to Acquire ING's Custody and Securities Services Business in Central and Eastern Europe with €110 Billion in Assets Under Custody". Citi. Retrieved April 26, 2013.
  40. ↑ "Standard Chartered acquires custody business in South Africa from Absa Bank". Private Banker International. Retrieved April 19, 2013.
  41. ↑ "Butterfield to acquire Deutsche's banking, custody biz in Cayman, Channel Islands". Helen Burggrafc. Retrieved February 19, 2018.
  42. ↑ "Citi buys Royal Bank of Canada's custody business in Australia". Asia Asset Management. Retrieved March 18, 2020.
  43. ↑ "U.S. Bancorp buying large custody book from MUFG Union Bank". Asia Asset Management. Retrieved January 6, 2021.
  44. ↑ "State Street to Acquire Brown Brothers Harriman Investor Services". Brown Brothers Harriman. Brown Brothers Harriman. Retrieved September 7, 2021.
  45. ↑ "State Street terminates $3.5 bln deal for Brown Brothers unit". Reuters. Reuters. Retrieved November 30, 2022.
  46. ↑ "Standard Chartered signs agreement to acquire RBC Investor & Treasury Services' trustee and domestic asset services business in Hong Kong" (PDF). Standard Chartered. Standard Chartered. Retrieved January 12, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.