The Australian fund administration firm aims to expand to North Asia and boost its existing operations in Singapore.
Tag : fund administration
Following its purchase of Daiwa Securities' hedge fund administration unit, Sumitomo Mitsui Trust Bank is building its fund servicing business into a global platform.
The latest executive shuffle at the custodian bank sees it parting ways with Chong Jin Leow, who headed the bank's asset servicing business in Asia.
The recent departures of Andrew Gordon from BNY Mellon and Stewart Bent from Credit Suisse underline an industry trend of cost-cutting and consolidation.
The US bank has brought in a dedicated resource to provide operational support to what it puts at three-dozen hedge funds – and counting – that are running credit strategies in Asia.
They eagerly await regulatory approval for the first fund admin outsourcing deal, while some see the opening of local custodian business to foreign banks as imminent.
Sumitomo Mitsui Trust Bank’s proposed purchase of Daiwa Securities’ hedge-fund admin and trustee business should provide it with access to new client segments.
