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BNP Paribas Securities Services eyes acquisitions, U.S. revenue growth
trueBNP Paribas Securities Services is targeting 30% average annual growth rate in revenues from the U.S. custody business by 2016, with part of that growth potentially coming from its “aggressive” acquisition agenda.
Deutsche Bank chooses new chief in makeover of asset servicing division
trueRafael Moral was named managing director and global head of Deutsche Bank's new investor services division, comprising agency securities lending, custody, and clearing and fund services.
Wells Fargo settles securities lending class-action lawsuit
trueWells Fargo & Co. settled a federal class-action lawsuit led by the $132 million Farmington Hills (Mich.) Employees' Retirement System that claimed the bank breached its fiduciary duty when it lost money through its securities lending program, according to court documents.
St. Joseph, Mo., seeks manager, custodian for 2 transit plans
trueSt. Joseph, Mo., is searching for an investment manager and custodian for its two transit employee pension funds.
Arizona University System rehires Fidelity, TIAA-CREF as 403(b) record keepers
trueArizona University System rehired Fidelity Investments and TIAA-CREF as record keepers of its $617 million 403(b) plan.
ABB replaces Fidelity with BofA Merrill Lynch as record keeper for 2 plans
trueABB Inc. hired Bank of America Merrill Lynch as the record keeper for two 401(k) plans.
Custodians make inroads in risk analytics arena
trueThree large custodians with risk analytics and management subsidiaries are building their client base for those nascent businesses, with two of them freely tapping clients of their parents.
BNP Paribas Securities Services adds sales and relationship management leader
trueJose Placido will join BNP Paribas Securities Services as co-head of sales and relationship management effective April 22.
Vanguard discontinues defined benefit administration services
trueVanguard Group announced on Tuesday it will no longer offer administration services for defined benefit plans in order to expand services to defined contribution plan clients.
Report: Dodd-Frank puts stress on efficient collateral use
trueMoney managers and banks must be more efficient in using collateral for swaps, as new clearing regulations will require far more assets to be placed with central counterparties — to the tune of a combined $2 trillion, according to a report from TABB Group.
Springfield (Mo.) Police Officers & Firefighters collar custodian
trueSpringfield (Mo.) Police Officers' & Firefighters' Retirement System hired UMB Financial Corp. as custodian.
CalSTRS taps ING as record keeper, outlines responsibilities for new DB consultant structure
trueCalSTRS hired ING U.S. Retirement Solutions as a third-party administrator and record keeper for the retirement system's 403(b) and 457(b) supplementary saving program.
Texas Teachers seeks custodian and securities lending firm
trueTexas Teacher Retirement System is searching for a custodian and securities lending services firm for a five-year contract effective Jan. 1, 2015, with possible extensions of up to two years.
Pension funds lose securities lending suit against Wells Fargo
trueWells Fargo & Co. did not breach its fiduciary duty when several pension funds lost money through the bank's securities lending program, a federal court judge in St. Paul, Minn., has ruled.
Oklahoma PERS sticks with Northern Trust as custodian
trueOklahoma Public Employees Retirement System, Oklahoma City, rehired Northern Trust as custodian.