Asset servicing

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  1. 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.

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  1. 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.

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  2. 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.

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  3. 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.

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  4. Springfield (Mo.) Police Officers & Firefighters collar custodian

    trueSpringfield (Mo.) Police Officers' & Firefighters' Retirement System hired UMB Financial Corp. as custodian.

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  5. 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.

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  6. 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.

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  7. 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.

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  8. Oklahoma PERS sticks with Northern Trust as custodian

    trueOklahoma Public Employees Retirement System, Oklahoma City, rehired Northern Trust as custodian.

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  9. Nevada Deferred Comp seeks sole record keeper

    trueNevada Deferred Compensation Program, Carson City, is searching for a record keeper.

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  10. Northern Trust employees donate time to student music program

    trueNorthern Trust Corp.'s U.K. employees will be making music with schools in London boroughs as part of its community outreach program, Northern Trust Community Partners.

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  11. Transition management keeps shrinking

    trueFewer providers are offering transition management services, reflecting changes in the U.S. defined benefit plan market that make it tougher to make money on the business.

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  12. Russell Investments picks portfolio manager for transition management

    trueLee Clark was named portfolio manager on Russell Investments' transition management team, said a spokeswoman for the firm.

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  13. AP7 sticks with BNY Mellon as custodian

    trueAP7 rehired Bank of New York Mellon as global custodian.

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