U.S. Bank to adopt SEI platform for global custody business
U.S. Bank joins more than 50 other SEI clients across the industry utilising SEI's Wealth Platform as a core technology infrastructure.
U.S. Bank joins more than 50 other SEI clients across the industry utilising SEI's Wealth Platform as a core technology infrastructure.
The mandate is the latest in string of deals that State Street has resigned with some of its key asset manager and asset owner clients.
The renewal continues a 14-year relationship between the two firms, after AP7 carried out a detailed procurement process that started in March last year.
The partnership with London-based FinTech firm H4 will help transform the client contract onboarding experience.
Bank earns global custody mandate after onboarding Korean insurance company and providing it with access to the Chinese market.
The mandate with Aberdeen Standard Investment is the latest in a string of high-profile custody deals signed this summer for State Street.
The mandate comes as JP Morgan renews its focus on global custody after undergoing a strategic review of its securities services business in the region.
The decision comes after a strategic review on its securities services businesses in the region, and has instead opted to focus on its global custody product.
The US bank has established itself as the largest custodian in Australia, servicing around AUS$866.7 billion in assets as of the end of 2019.