Global Custodian

Breaking: State Street’s asset servicing unit revenues hit by ‘episodic headwinds’ in Q2, says CEO. Servicing fees drop 2% during the second quarter as State Street says pricing headwinds offset higher equity market levels and net new business. https://lnkd.in/eym7dzRF

HSBC supports Saudi Arabia-China ETF cross listing as asset servicer. The asset servicer is acting as the ETF partner for the CSOP Saudi Arabia ETF master fund in Hong Kong offering full end-to-end services. https://lnkd.in/eFYPg3R9

J.P. Morgan wins AUD$30 billion custody and administration mandate from Australia’s Spirit Super. Mandate follows merger between Spirit Super and CareSuper as JP Morgan picks up custody client formerly of NAB Asset Servicing.https://https://lnkd.in/e4_CV3Ya

SEC exploring SAB 121 tweaks to enable custodian crypto participation, Congress says. Regulator reportedly close to agreeing modifications to controversial rule, following targeted suggestions for ‘special interest group’. https://lnkd.in/erU-DWGn

BNY chief says custodian picked $100bn mandate during Q2 Previously unreported mandate from a global asset manager a standout deal from second quarter as BNY’s ETF servicing business also grew 50% year-on-year. 

Former head of FX trading at State Street Brazil assumes lead role, as Telly T. departs position to focus on the global integration of CF Global Trading. https://lnkd.in/e2qFE3-D

European Securities and Markets Authority (ESMA) launches consultation on CSDR refit to consider scope of penalties. Europe’s markets regulator is looking at the scope of settlement discipline among other areas as it seeks to fine-tune and further clarify the CSDR framework. https://lnkd.in/eBu5HxHV

BNP Paribas appoints new head of asset owners & asset managers client lines for securities services New appointment will pursue the development of the client lines across the Asia Pacific region, supporting the custodian’s growth ambitions.  

J.P. Morgan posts record quarterly revenue total of $1.26 billion The firm’s assets under custody registered slight growth to top $34 trillion

Citi’s securities services momentum continues with double-digit revenue growth in Q2 The custodian’s AUC/A grew marginally to $24.2 trillion.