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Operating in the Stormiest of Seas Hedge Fund Administration

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Operating in the Stormiest of Seas Hedge Fund Administration The primary source of global asset servicing news and analysis ISSUE 261 17 March 2021 Operating in the stormiest of seas Despite the disruption and the volatility created by the pandemic, clearinghouses were extremely well prepared Hedge Fund Administration Although the hedge fund industry has matured over the years, experts say it is still in its infancy Brexit Focus Could Germany take the UK’s crown in THE RAINBOW BRIDGE BETWEEN USA & CANADA AT NIAGARA FALLS Canada’s Leader in Sub-custody With more than 1,600 professionals exclusively focused on servicing Canadian investors and global investors into Canada, CIBC Mellon can deliver on-the-ground execution, expertise and insights to help clients navigate the Canadian market. Leveraging the technology and scale of BNY Mellon, a global leader in investment servicing, and the local presence of CIBC, one of Canada’s leading financial institutions, CIBC Mellon has the experience and the capabilities to help you succeed in Canada. Canadian custody and sub-custody Brokerage1 Canadian correspondent banking1 Investment fund services Broker-dealer clearing MIS (NEXENSM, STP scorecard, trade match report card) Securities lending2 Data analytics2 1 Provided by CIBC 2 Provided by BNY Mellon Learn more, contact: Richard Anton at +1 416 643 5240 Abdul Sheikh at +1 905 755 7118 Lloyd Sebastian at +1 416 643 5437 www.cibcmellon.com ©2020 CIBC Mellon. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies. Contents 3 Lead News 4 Standard Bank partners 10 14 with BNY Mellon to deliver custody services for GEPF News Focus 5 Deutsche Boerse strengthens sustainable investing focus with ISS acquisition Industry Challenges Brexit Focus Despite the disruption and the Could Germany take the UK’s volatility created by the pandemic, crown in gaining the status clearinghouses were well prepared of the EU financial hub? News Focus 6 LGPS launches second global custody services framework 18 22 News Focus 7 SWIFT approves KDPW ISO20022 buyin message for CSDR Benchmark Conversion Hedge Fund Admin News Focus 9 TriOptima says market participants Although the hedge fund industry CIBC Mellon: outsourcing should evaluate all possible has matured over the years, remains ‘vital’ to Canadian transition management options experts say it is still in its infancy pension funds images by mariana_worawut/stock.adobe.com www.assetservicingtimes.com Lead News 4 Standard Bank partners with BNY Mellon to deliver custody services for GEPF Standard Bank has partnered with BNY Mellon, The group’s assets under custody, administration, building on their 23-year strategic relation- and trusteeship have risen to more than R10.3 tril- ship, to deliver custody services for South lion ($708 billion) as of 31 December 2020. W: www.assetservicingtimes.com Africa’s Government Employees Pension T: @ASTimes_ Fund (GEPF). “We are pleased to have been re-awarded this con- tract following a competitive tendering process. We Editor: Becky Bellamy This comes as part of its mandate to provide inves- believe our reappointment as the sole custodian and [email protected] tor services product and service solutions for GEPF’s investment reporting agent for Africa’s largest asset +44 (0)208 075 0927 portfolio of assets currently worth over R2 trillion owner is testament to our strong capabilities in this ($134 billion), following the end of its most recent area,” says Kenny Fihla, chief executive for corporate Reporter: Maddie Saghir five-year contract with the bank. and investment banking at Standard Bank. [email protected] +44 (0)208 075 0925 Under the new agreement, Standard Bank’s mas- Adam Bateman, head of business development for ter custody and investment reporting mandate has Standard Bank Investor Services, says: “Standard Contributor: Maria Ward-Brennan been expanded to include securities lending among Bank has acted as custodian to GEPF since the fund’s [email protected] other services. inception in 1996 and in 2015 expanded its man- date with the fund to include investment report- Designer: James Hickman Standard Bank will provide custody services in South ing services.” [email protected] Africa, Africa Regions, and international markets. +44 (0)208 075 0930 According to Bateman, Standard Bank’s integrated Associate Publisher: John Savage These services will be combined with securities custody and investment reporting solutions will pro- [email protected] lending to provide an investment reporting solu- vide the GEPF with asset safety and independent val- +44 (0) 208 075 0931 tion, which includes investment accounting, man- uations, alongside other services designed to moni- date compliance monitoring, performance and risk tor fund manager mandates and mitigate risk. Publisher: Justin Lawson reporting services for all of the GEPF’s listed and [email protected] unlisted investment portfolios. “Our partnership with BNY Mellon has allowed us +44 (0)208 075 0929 to enhance and grow our investor services busi- GEPF says the renewal of the mandate cements ness reach in supporting large cross-border asset Published by Black Knight Media Ltd Copyright © 2021 All rights reserved Standard Bank’s position as Africa’s largest provider owners and asset manager mandates such as this,” of custody and related services. Bateman adds. www.assetservicingtimes.com images by beatrice_prève/stock.adobe.com News Focus 5 Deutsche Boerse strengthens sustainable investing focus with ISS acquisition Deutsche Boerse has completed the acquisition of an 81 per cent majority stake in the governance, environmental, social and governance (ESG) data and analytics provider Institutional Shareholder Services (ISS). ISS has also established a policy that it will not pro- Gary Retelny, president and CEO of ISS, says: “We The acquisition, which was announced in vide proxy research or other analytical research on are pleased to be joining the Deutsche Boerse late 2020, follows receipt of all necessary Deutsche Boerse. group of companies and look forward to work- regulatory approvals. ing with our new colleagues in furtherance of our Stephan Leithner, member of the executive board long-standing mission to empower investors and Deutsche Boerse and ISS are now able to serve the of Deutsche Boerse, responsible for the group’s pre companies to build for long-term and sustaina- growing demand for in-depth extra-financial data, and post-trading businesses, comments: “The qual- ble growth.” research and analytics. ity, precision and breadth of ISS’ data and research is unique in the market. Especially the company’s “ISS will continue to deliver the same independent ISS will continue to operate with the same edito- ESG expertise and data capabilities are highly com- and high-quality research, ratings, and other offer- rial independence in its data and research organ- plementary to Deutsche Boerse’s businesses along ings our clients have come to expect, and we will isation that is in place today. the entire value chain.” continue to invest and innovate to ensure they receive next-generation solutions,” adds Retelny. Meanwhile, Deutsche Boerse commits to princi- According to Leithner, this acquisition is a logi- ples of protecting the independence and integ- cal step in Deutsche Boerse’s ESG growth strat- This transaction has been conducted in partner- rity of ISS’ research, recommendations, ratings and egy, “adding an important piece to the puzzle to ship with current ISS management and Genstar other analytical offerings. To that end, a number of become one of the world’s leading market infra- Capital, a leading growth equity investor, who non-interference policies have been put in place. structure players on this critical development”. will both continue to hold a stake in the company.. COMPLIANCE IS A BEAST. deltaconX AG Hertensteinstrasse 51 We help you tame it. CH-6004 Luzern, Switzerland www.deltaconX.com EMIR REMIT MAR FinfraG MiFIR/MiFID II SFTR images by mike_mareen/stock.adobe.com www.assetservicingtimes.com News Focus 6 LGPS launches second global custody services framework The National Local Government Pension Scheme Commenting on CACEIS joining the National The LGPS is collectively benefiting from (LGPS) Frameworks team has launched the new LGPS Framework for Global Custody Services, more than £139 million in savings from the Global Custody Services Framework, which will Pat Sharman, head of UK at CACEIS, says: “This frameworks programme. be available until February 2025. The framework is is the first time CACEIS has joined the LGPS the second of its kind after the first was launched Framework and we look forward to work- The Cambridgeshire County Council, Essex in October 2013, which was used by more than 30 ing in collaboration and partnership with the County Council, Hampshire County Council, LGPS Funds over five and a half years. National LGPS Framework, sharing best prac- Hertfordshire County Council, Norfolk County tice along with our innovative tech-based solu- Council, Northamptonshire County Council, As part of the new framework, CACEIS, BNY Mellon, tions that will help the LGPS with the regulatory, Suffolk County Council, The City of Edinburgh HSBC, Northern Trust and State Street have been economic
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