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Outsourcing 2.0 - The New Model for Asset Servicing?

April 28, 2011

Investment operations outsourcing used to be perceived as one of the stickiest of all client relationships. But fund managers are now finding they can switch providers - and there may be unintended consequences to this development.

Custody Banks and FX Rates

February 16, 2011

Analysis of:U.S. States Ramp up Foreign Currency Trade Probes | www.reuters.com

The flurry of legal activity in the US is politically motivated and makes public pension plan managers look naive and foolish. Trust banks need to resist the temptation to settle.

State Street Calls Time on Custody Revenue Model

December 7, 2010

Analysis of:State Street Announces Major Initiative to Cut Costs and Improve Service | www.statestreet.com

State Street's Nov 30 announcement of a multi-year program of cost-cutting and workforce reduction is an inevitable consequence of the downturn in revenues from market-related activities such as securities lending. Others will have to follow its lead.

Outsourcing 2.0 - Why Brown Brothers Did the Deal with OppenheimerFunds

October 27, 2010

After years of arguing that investment operations outsourcing made no sense, Brown Brothers Harriman changed its mind, striking a major deal with the USD155bn money manager, OppenheimerFunds. Why?

Securities Finance: Why Life Will Never Be The Same Again

September 8, 2010

Since 2008, the three largest trust banks have lost 70pct of their revenues from securities finance. They are learning to adjust to the new normal, and so must their clients.

Fixing State Street's Revenue Model

February 5, 2010

Analysis of:State Street Reaches USD313m Settlement | pr.statestreet.com

The top priority for Jay Hooley, who takes over as CEO in March, is to find a better mix of revenues, weaning the bank off its heavy reliance on capital markets and trading whilst beefing up its fee-based income stream.

Custodians Seek Fees and Clients, Not Scope and Scale

February 1, 2010

Analysis of:Bank of New York Mellon in Talks to Buy PNC Unit | online.wsj.com

After two years of poor performance, and a battering in capital markets, custodian banks are keen to rebalance the earnings mix. That means a shift away from scale, and a greater focus on cross-selling fee-based products to blue-chip clients. PNC's investment servicing unit is a good place to start.

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