ISSUE010 ASSETSERVICINGTIMES 30.03.2011 WEDNESDAY AST www.assetservicingtimes.com CONTENTS AC Plus adopted by Scotiabank Scotiabank is going live with the AC Plus financial data management solution for managing security reference data and end of day pricing. page2 Brandywine selects Eagle Eagle Investment Systems has been se- lected by Brandywine Global Investment Management to deploy its hosted serv- ice, Eagle ACCESS. Citi to partner Man Group page2 London 28.03.2011 Broadridge launches en- Man Group has finalised the terms of an agreement Simon White, head of product and client operations at hanced Gloss with Citi Global Transaction Services’ Securities Man, commented: “Our decision to award a new brief Broadridge Financial Solutions has en- and Fund Services division to become Man’s global to Citi will help us achieve our goals of having fully in- hanced the fixed income and financing shareholder services partner. dependent fund administration and transfer agency functionality of its trade processing and services, thereby creating a scalable global platform settlement solution, Gloss. Under the terms of the agreement Citi will perform glo- for our future business. “Citi has been chosen based page3 bal shareholder and transfer agency services for AHL on its proven expertise, unrivalled global presence and and Man multi-manager private investor products, demonstrable track record of service delivery for private which are distributed globally through Man’s network investor operations. Regional focus of approved intermediaries and distribution partners. The mature markets of continental Europe are competing hard against their “Both Citi and Man are committed to maintaining and im- Citi will commence its role at the end of March and Asian and American rivals for business proving the excellent client service levels that we have a joint project will then follow to enhance services to page5 Man’s funds, simplify administration arrangements worked so hard to achieve. With the industry’s largest and migrate all of Man’s private investor products proprietary network spanning 59 markets and over $12.6 onto Citi’s platform. Man and Citi will adopt a phased trillion in assets under custody, Citi is a global leader in People moves approach to this programme of work to ensure that domestic and cross-border securities services for the Find out the latest hires, and who is get- client service levels are not disrupted. world’s top issuers, intermediaries and investors. ting promoted within the industry. readmore p2 page7 Oklahoma Teachers renews J.P. Morgan mandate Northern Trust to buy Omnium Oklahoma Teachers Retirement System has renewed its mandate with J.P. Northern Trust has agreed to buy Omnium LLC, the technology-driven fund Morgan for a further five years. J.P. Morgan will provide custody and securi- administration business of Citadel.It follows a number of mergers and ac- ties lending services to the fund. quisitions within the fund administration industry around the world, as funds increasingly want to see their service providers larger in scale and with a Other contenders for the mandate included State Street, BNY Mellon and greater infrastructure than previously expected. Neither firm was prepared Northern Trust. to comment on the acquisition. Ten markets, ten cultures, one bank. 6NDOD %UHGGSL[ODU +|MGSL[ODU NewsInBrief PrinceRidge Group selects AC Plus adopted by us with an end-to-end KIID solution, one of the mandatory UCITS IV components,” said Chris- QTIX Scotiabank tophe Coquema, global head of Markets and Investment Strategy at AXA Investment Man- The PrinceRidge Group has selected ReadQ Scotiabank is going live with the AC Plus finan- agers. “As the regulatory landscape evolves, Systems’ QTIX trading system for its start-up cial data management solution for managing choosing an investment servicing provider who financing desk. security reference data and end of day pricing. can best meet our needs now and for the im- The PrinceRidge Group launched its institution- mediate future is important.” al finance desk, headed by Thomas McHugh in Scotiabank selected AC Plus to centralise secu- December of 2010. The financing desk offers a rity master and end of day pricing data content to “We are delighted to be able to further extend full range of repo & securities lending in most support core business applications. The Phase our relationship with AXA IM,” said Tim Caverly, USD fixed-income assets and specialises in a 1 solution captures North American and Latin executive vice president and head of sales and variety of financing solutions to assist its clients American equities data from multiple sources. business development for State Street’s Global by boosting returns on cash and securities hold- Services business in Europe. “State Street has ings, financing long positions, matching cash Rob Ord, director and head of data manage- the infrastructure and solutions to support our flows and reducing funding costs. ment at Scotiabank, said: “AC Plus’ off-the- clients as they optimise their operations antici- shelf capabilities, particularly its data model, pating the requirements of UCITS IV, and we According to Robert Cardone, president of feed handlers and operational interface for data have a presence in all major European serv- ReadQ Systems, “QTIX, our latest technology analysts, meet our requirements for standard ice centres and key distribution locations for offering, is designed to provide broker-dealers functionality and also provides us with the abil- UCITS funds globally. Our network gives us with a robust yet user friendly solution that is ity to customise various elements to support our deep, local expertise and ensures we remain easy to implement. We look forward to working unique business needs.” connected to local and regional regulators.” with The PrinceRidge Group to help grow their new business initiative.” Phil Lynch, president and chief executive officer State Street was originally appointed by AXA In- at Asset Control, said, “Many multinational banks vestment Managers in December 2004, to pro- Gen II reports growth such as Scotiabank are opting for consolidated, vide fund accounting and administration serv- centralised data infrastructures in order to meet ices across the UK, France and Germany. The a diverse set of business requirements. We are Private equity fund administrator Gen II Fund relationship has since extended to include Lux- pleased that Scotiabank has placed its trust in Services has transitioned over 125 fund entities embourg, Ireland and Switzerland and the AXA Asset Control to develop a shared data manage- representing $21 billion of capital under admin- Rosenberg APAC fixed and balanced funds. istration over the last 18 months. ment framework that can help reduce time to market for new business initiatives and provide “Many firms experience a level of trepidation optimal use of data across the organisation.” State Street’s comprehensive UCITS reporting in moving their fund administration, either from capabilities include exposure and concentration another service provider or their in-house team. limit reporting, Value-at-Risk (VaR) analysis, We have successfully demonstrated our ability State Street launches UCITS IV back testing and stress testing. These reports to transition their information and a key reason KIID servicing with AXA are configured and generated by risk special- for our growth is the high level of service and ists and backed by documented methodology. our ability to handle complexity,” said Steven Clients receive a full set of pre-defined reports State Street has extended its relationship with Millner, managing principal. detailing the risk profiles of their funds for each AXA Investment Managers (AXA IM) to provide of the UCITS-required reporting elements. For “The success and timeliness of transitioning end-to-end production and servicing for the Key clients who also require compliance testing to these fund entities is the result of our highly Investor Information Document (KIID), a manda- support their UCITS portfolios, State Street can skilled professionals coupled with our propri- tory requirement of the new UCITS IV directive. provide an additional reporting suite that incor- etary processes, procedures, and technology Under UCITS IV, asset managers will be obliged porates testing of asset mix, concentration risk, tools,” said Norman Leben, managing principal. to replace their current simplified prospectus or quality ratings and leverage restrictions. Addi- factsheet with a KIID for each individual UCITS tional interactive risk services are available and First custodian joins Statpro product sold within the European Union. include customisable reporting and position- based risk analysis. State Street is working closely with regulators Portfolio analysis and asset pricing services provid- and clients to provide solutions that help clients er Statpro Group has won the first custodian deal optimise their operations in the wake of UCITS IV BNY Mellon Asset Servicing for its cloud-based StatPro Revolution service. and continuing regulatory changes. State Street enhances Workbench platform offers Europe-wide coverage and end-to-end It has signed a multi-year contract with RBC solutions that span the investment value chain, BNY Mellon has a new capability that integrates Dexia Investor Services, which plans to roll out including core custody and fund administration investment-level information on client private Revolution to its client base of fund managers, services,