State Street has launched a new peer-to-peer repo program for the buy-side. The service aims to deliver competitive financing costs across a broader range of collateral types, as well as yield enhancement opportunities compared to traditional repo markets. State Street guarantees the payment obligations of cash borrowers to cash lenders within the program in the…
Category: State Street
State Street to administer VanEck’s bitcoin ETF
State Street has been appointed as the fund administrator and transfer agent of the VanEck Bitcoin Trust, a new bitcoin exchange-traded fund that is currently pending approval by the U.S. Securities and Exchange Commission. The trust is expected to be the first U.S.-listed ETF offering exposure to bitcoin. The trust’s investment objective is to reflect…
State Street strikes first FICC sponsored repo trade with ICE Clear
State Street has completed the first trade with ICE Clear U.S., a clearing house owned by Intercontinental Exchange, Inc., as a sponsored member counterparty. This deal comes after ICE signed on as a sponsored member of State Street within the Fixed Income Clearing Corporation (FICC) Sponsored Repo Program. State Street has USD150bn in sponsored repo…
BlackRock to transfer ETF assets from State Street
State Street has confirmed that, following a review, it expects BlackRock to move a “significant portion of its ETF assets currently with State Street to one or more other providers, pending necessary approvals”. The transition is expected to begin in 2022 but will principally occur in 2023. In 2017 BlackRock moved USD1trn of common trust…
State Street wins EUR42bn mandate from Fideuram in Luxembourg
Fideuram – Intesa Sanpaolo Private Banking, part of the Intesa Sanpaolo Group, has appointed State Street in Luxembourg to assume the depositary bank and fund administration activities presently performed by its subsidiary, Fideuram Bank Luxembourg. The mandate covers c. EUR42bn (USD51bn) AuM. The completion of the transaction, which is conditional on regulatory approvals, is expected…
State Street appoints Theresa McLaughlin as global CMO
State Street Corporation has appointed Theresa McLaughlin as global chief marketing officer, with responsibility for marketing, branding, creative, communications, media, thought leadership, and events, inter alia. McLaughlin joins from TD Bank Financial Group where she was global chief marketing, customer experience & corporate citizenship officer for the past eight years. Based in Boston, she will…
BNY Mellon launches digital assets unit
BNY Mellon has established a Digital Assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies. The cross-functional, cross-business team, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, is currently developing…
Citi hires two senior regional sales heads from State Street
Citi has made two senior sales appointments in its custody & fund services (CFS) business. Maria Cantillon joins as head of CFS sales for EMEA, a position that has been open since Matthew Bax moved to run the direct custody & clearing business in 2020. She will report to Sanjiv Sawhney, global head of CFS,…
Rest Super selects Charles River IMS for front and middle office operations
Retail Employees Superannuation Trust (Rest), one of Australia’s largest industry superannuation funds with approximately 1.8 million members, has selected Charles River IMS to consolidate its front and middle office operations for managing asset allocation, global equities, fixed income, FX and futures. Rest will implement Charles River IMS to support its internally managed investments as well…
CIBC Mellon and State Street are winners as BlackRock fires Scotiabank
BlackRock Canada, an indirect, wholly-owned subsidiary of BlackRock, Inc., has announced changes to the custodian line-up for its iShares Gold Bullion ETF and iShares Silver Bullion ETF. CIBC Mellon Trust Company will act as bullion custodian for the iShares Funds, and State Street Trust Company Canada as custodian of the non-bullion assets of the iShares…