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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.
Servicing fees drop 2% during the second quarter as State Street says pricing headwinds offset higher equity market levels and net new business.
Mandate follows merger between Spirit Super and CareSuper as JP Morgan picks up custody client formerly of NAB Asset Servicing.
Previously unreported mandate from a global asset manager a standout deal from second quarter as BNY’s ETF servicing business also grew 50% YoY.
The firm’s assets under custody registered slight growth to top $34 trillion.
The custodian’s AUC/A grew marginally to $24.2 trillion.
Flat revenue growth punctuated by higher market values, net new business and higher FX revenue, the bank said.
Hong-Kong headquartered insurance giant will implement BlackRock’s Aladdin alongside BNY’s investment operations and data management solutions.
State Street will now take over the administrative management of the fund, previously overseen by UBS.
Under the new mandate, Zodia Custody wallets will now support the Maple token, providing enhanced opportunities for returns through alternative stores of value.
PIVOT and Indian tech firm Techstalwarts form strategic alliance to service the financial markets.