CUSTODY
2021 YEAR IN REVIEW | CUSTODY
Custody 2021 Year in Review
Custody reaches new heights in 2021 Last year saw the world’s largest custodians competing for mandates and with new service. JANUARY BNY Mellon’s custody assets top $41 trillion BNY Mellon’s custody business lagged State Street’s on asset growth in the fourth quarter but BNY remained the largest bank by assets under custody at $41.1 trillion (£30 trillion), up from $37.1 trillion in the same period last year. The bank said the rise reflected higher market values and client inflows, as well as the favourable impact of a weaker US dollar and net new business.
management platform dubbed thinkFolio, to streamline operations for asset managers and asset owners. The partnership will see the integration of thinkFolio and the Chicago-headquartered bank’s middle office outsourcing platform to offer mutual institutional clients access to solutions and leverage the firms’ strengths in the investment value chain. Citi names ex-State Street exec as EU custody head Citi has named Maria Cantillon as its head of sales for custody and fund services for Europe, the Middle East and Africa (Emea), where she replaces Matthew Bax. Cantillon joins from State Street where she spent more than a decade, most recently as the Emea head of sector solutions and before, as the global head of alternatives asset manager solutions.
MARCH Diginex set to launch multi-custodial solution Singapore digital assets firm Diginex is gearing up for a multi-custody offering on its institutional crypto exchange EQUOS as it launches its own utility token. “We’re… the first Nasdaq-listed company to issue its own token,” chief executive Richard Byworth told Global Investor. “The token will form collateral for derivatives on our platform. You can effectively earn the token by trading on the platform and then those earnings can be used on their own as a collateral base for your options trading.”
APRIL FEBRUARY Northern Trust, IHS Markit extend partnership Northern Trust has entered an agreement with IHS Markit, which provides a multi-asset investment
Winter 2020/21
BNY Mellon surges forward with collateral initiative BNY Mellon continues to find opportunities in the collateral management space and is pushing
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forward with its ‘Future of Collateral’ initiative, as it looks to help clients utilise their high-quality assets. Brian Ruane, chief exec of clearing and collateral management for the bank, said: “The move fits directly into our larger ‘Future of Collateral’ initiative and is part of our commitment to provide our clients with the ability to connect high quality assets into our triparty platform more efficiently in order that those assets can both be used for their general collateral management needs.”
MAY Clearstream Fund Centre part of four-pronged strategy – CEO The CHF 390 million (£308 million) acquisition of the remaining 49% of a fund distributor from UBS represents one part of a four-pronged strategy at post-trade giant Clearstream, its chief executive has said. Deutsche Boerse-owned Clearstream acquired the 49% of a Zurich-based fund platform owned by Swiss bank UBS, meaning that Clearstream now has 100% of the firm after it bought 51% in September 2020.
JUNE Northern Trust names new APAC head Northern Trust has named Angelo (Ange) Calvitto as head of Asia Pacific (APAC), who takes over from William Mak who is retiring from the bank after 11 years. Peter Cherecwich, president of Corporate & Institutional Services, Northern Trust, commented: “The Asia-Pacific region is a leading centre for technology innovation, with Singapore as a key hub, particularly for our blockchain initiatives.”
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