May/Jun 2010 Volume 7 No. 47 Investor Services Annual membership GBP 249 - UK, ROW Journal USD 379 - America ISJ EUR 286 - EMEA www.ISJ.tv THE GLOBAL CUSTODY AND ASSET SERVICING INDUSTRY MAGAZINE Under the microscope, UCITS - the workings European Custody - 2011 Guide Mark Mobius - ISJ Profile Corporate Actions - XBRL, Swift and DTCC WWW.ISJ.tv Barclays Exits - African custody Front Cover Section ISJ47.indd 1 03/06/2010 20:37 Bottom line: Your securities services expert 2in Central and Eastern Europe @ Our network is available for you in Central and Eastern Europe for your securities services business. We bring you in-depth local experience and award winning international expertise. ING is your partner in Bulgaria, Czech Republic, Hungary, Poland, Romania, Russia, Slovak Republic and Ukraine. For more information call Lilla Juranyi, Global Head of Custody, on +31 20 7979435 or e-mail: [email protected]. www.ingcommercialbanking.com ING Commercial Banking is a marketing name of ING Bank N.V., registered by the Netherlands Authority for the Financial Markets (AFM). Copyright ING Commercial Banking (2010). FrontISJ47 Covercomplete Section text.indd ISJ47.indd 15 2 03/06/201027/05/2010 20:3812:11 contents Heads Up May/Jun 2010 Volume 7 No. 47 Investor Services Annual membership GBP 249 - UK, ROW Journal USD 379 - America ISJ EUR 286 - EMEA www.ISJ.tv THE GLOBAL CUSTODY AND ASSET SERVICING INDUSTRY MAGAZINE Under the microscope, UCITS - the workings Investor Services ISJ Journal European Custody - 2011 Guide Mark Mobius - ISJ Profile Corporate Actions - XBRL, Swift and DTCC WWW.ISJ.tv Barclays Exits - African custody THE GLOBAL CUSTODY AND ASSET SERVICING INDUSTRY MAGAZINE Front Cover Section ISJ47.indd 1 03/06/2010 20:37 Editor Brian Bollen Welcome to a new look ISJ and welcome to new people on our own team as Brian [email protected] Bollen is appointed Editor of the journal, working with Roy Zimmerhansl our E-in-C, and Clive Gande chairs our new advisory board. Both need little introduction as readers of the Advisory Board Chairman Clive Gande FT will know Brian’s incisive style, and Clive’s knowledge of custody issues and people is clive.gandeISJ.tv familiar to many who came across him at BNY Mellon. ISJ launches its first European Senior correspondent Custody Summit in July which is complemented by another inaugration; that of our Craig McGlashan double-sided - or two-faced? - issue. If you flip this ISJ over you will find our review of key [email protected] markets in European Custody. US correspondent Enjoy the writing, John Sandman our US correspondent guides us through corporate John Sandman actions and SDA, we profile the legendary Mark Mobius and Euroclear’s John Trundle [email protected] formerly a central banker looks at how we should regulate from here to regain capital Special correspondents market confidence. Cherry Reynard Anthony Harrington Mark Latham, publisher Head of sales Patricia De La Grange CONTENTS [email protected] Account managers 4 swings and roundabouts New People, New Positions Cicely Lewis HSBC SS Joint Heads [email protected] The HSBC Six Eradat Munshi Colle BP2S appointment [email protected] Vanderweyen leaves RBC Wallace Takes Charge CTO Mustoe Goes Perpetual Peter Ainsworth [email protected] Andy Hughes Joins Omgeo Operations manager Nicolette Whittaker 8 news review African Custody [email protected] Barclays and Standard Chartered Editor-in-Chief Roy Zimmerhansl [email protected] 12 US focus Outsourcing by John Sandman Managing director Jon Hewson [email protected] 14 US focus Technology, Same day affirmation, ISITC Boston Publisher Mark Latham 16 US focus Corporate Actions by John Sandman [email protected] 2i UK One Angel Wharf, 59 Eagle Wharf Road 18 Under the Microscope UCITS VI London, N1 7ER, UK T: +44 (0) 20 7183 7470 F: +44 (0) 20 7250 0350 26 The ISJ Profile Mark Mobius Templeton Investments 2i US 410 Park Avenue, 15th Floor, New York, NY 10022 T: +1 212 231 8421 30 Regulation OTC Derivatives, Market Risk in EU F: +1 212 231 8121 © 2010 2i Media. All rights reserved. No part of this publication may be 32 Technology Releases reproduced, in whole or in part, without prior written permission from the publisher. Thomson Reuters Elektron / BNY Melllon Dashboard ISSN 1744-151X 1 1-47 main text Final ISJ47.indd 1 04/06/2010 21:08 contents Continued 33 Analyse This Automation 34 Fund Focus on Cyprus - sponsored section 36 The ISJ Profile Gary Probert Nordea Bank 38 Restoring Confidence to our Capital Markets by John Trundle, Chief Risk Officer at Euroclear 40 gains and losses Mandate News John Lewis JP Morgan JP Morgan Hewitt Mandate KLP Northern Trust Mandate Citi Japan Mandate Quis Custodiet? RBC Singapore Mandate BBH Win Underlines Renewe UOBAM Turns To BNYM BNYM Seadrill BNYM and Fuh Hwa 44 out and about Pugilism and Paintings 48 Directory of services European Custody is the flip side of this issue of ISJ Christoph Wetzel, Ulf Noren, Global Head managing director of of Sub-Custody at SEB CACEIS Bank Deutschland EUROPEANCUSTODY Custody services with a broader horizon European Custody Landscape Are you looking for a single point of entry to the Nordic and Baltic region? Or do you have your eyes set on a specifi c local market? Nordea is the leading Nordic custodian and Germany 2 the only truly Nordic player with well-established banks in Finland, Denmark, Sweden and Norway as well as a strong presence in the Baltic countries. Southern Europe 4 Angelos Gregoriades, Head of Tax and Corporate Services of A dedicated relationship manager supported by a specialist team will always be able to offer Central & Eastern Europe 8 KPMG Cyprus you a winning combination of regional competence and local insight. Our size, experience and Nordic Region 16 connections with key players make us a sustainable provider in the evolving Nordic and Baltic securities markets. Spotlight on: Cyprus for private equity and To capitalise on our expertise, please contact Ms. Anne-Lise Kristiansen, tel +47 2248 6238, email: [email protected], hedge funds 12 Ms. Nina Groth, tel +45 3333 6124, email: [email protected] or Dieter Bernhard, head of Domestic Custody Services Mr. Teemu Pihlatie, tel +358 9 165 51008, email: [email protected]. for Deutsche Bank in Germany 2 nordea.com Making it possible 1-47 main text Final ISJ47.indd 2 04/06/2010 21:08 32051_Custody_210x297.indd 1 19.12.2008 15:11:14 Nordea Bank Custody services with a broader horizon Are you looking for a single point of entry to the Nordic and Baltic region? Or do you have your eyes set on a specifi c local market? Nordea is the leading Nordic custodian and the only truly Nordic player with well-established banks in Finland, Denmark, Sweden and Norway as well as a strong presence in the Baltic countries. A dedicated relationship manager supported by a specialist team will always be able to offer you a winning combination of regional competence and local insight. Our size, experience and connections with key players make us a sustainable provider in the evolving Nordic and Baltic securities markets. To capitalise on our expertise, please contact Ms. Anne-Lise Kristiansen, tel +47 2248 6238, email: [email protected], Ms. Nina Groth, tel +45 3333 6124, email: [email protected] or Mr. Teemu Pihlatie, tel +358 9 165 51008, email: [email protected]. nordea.com Making it possible 1-47 main text Final ISJ47.indd 3 04/06/2010 11:41 32051_Custody_210x297.indd 1 19.12.2008 15:11:14 swings and roundabouts New People, New Positions Recent bulletins to emerge managementappointments atCitigroup s markets great appointments for from BBH s Boston redoubt to its New York team. and banking group. our business. The recent related the appointment of Scott Karp has been His most recent roles hires are in line with our Shawn R. McNinch, Senior included the market risk strategy to build on our Vice President, as Global management responsibility current success and grow ETF Product and Sales of the Municipal and Rates our business, allowing HSS Head. Before joining BBH business (swaps, OTC and to more effectively support in late 2009, Mr. McNinch exchange-traded options, our clients as they navigate worked at Barclays Global structured note creation, the current environment by Investors (BGI) where he mortgage pass-through adding to our capabilities was a Senior Principal within hired as the Head of Fund trading, government and and strengths . the iShares (ETFs) Product Accounting and Financial agency trading). Strategy Group. Reporting in the US. Osidach is responsible Congratulations Thomas Higgins joined the for the accurate and Patrick Colle business in April 2010 as timely delivery of all fund Head of the Regional Pricing accounting services Team Americas, reporting delivered to alternative to Karp. fund clients. With 18 Roman Osidach recently years of fi nancial services joined the Fund Services experience, his most recent BNP Paribas Securities Mr. McNinch worked on team as a Senior Fund role was as an Executive Services (BP2S) has lined numerous strategic initiatives Administration Manager Director, Portfolio Services up Patrick Colle as CEO to for the iShares business reporting to Karp. Manager for Morgan Stanley succeed Luxembourg-born ... and climbing. including assisting with the Gregory Cahaly was hired supporting the alternative Jacques-Philippe Marson. launch of new ETFs, working as US Head of Operational investment team in their fund Patrick joined BP2S in 2006 on the development of an Risk at the start of the of hedge funds and private and has been Head of its ETF distribution strategy, year, reporting to Marianne equity/real estate fund of UK business since March conducting a technology Motley, Fund Services Chief funds business.