State Street and Boston Financial Data Services—a joint venture of State Street and DST System—have been selected by Fifth Third Funds, the mutual fund arm of Fifth Third Asset Management (FTAM), to provide a full range of investment services. State Street will provide fund accounting, fund administration, custody and securities lending services for US$13 billion […]
BNY Mellon Asset Servicing has been selected by Banco Central de Uruguay as global custodian for its US$4.5 billion portfolio. In addition, BNY Mellon Asset Servicing will provide investment accounting, performance and risk analytics, and securities lending services. “We are pleased that we are able to provide the full range of asset servicing solutions that […]
The funded status of the typical U.S. pension plan declined 3.3 percentage points on a reporting basis last month, according to BNY Mellon Asset Management. The drop was due to weakness in the global equity markets, which was the worst monthly stock performance in five years. “However,” says Peter Austin, executive director of BNY Mellon […]
The CPP Fund reported assets of $119.4 billion for the third quarter ended Dec. 31, 2007, compared to $121.3 billion at the end of Q2. Investment performance was marginally negative because of challenging market conditions during the quarter. The investment rate of return was -0.14% during that time. Consistent with the seasonal timing of cash […]
PowerShares Capital Management has announced the listing of the PowerShares India Portfolio, an exchange traded fund (ETF) expected to begin trading on the NYSE Arca later this month. Unlike other ETFs which propose to use derivatives and/or notes in an attempt to provide indirect exposure to India, the PowerShares India Portfolio will provide direct and […]
Stock markets are likely to face further declines this spring because of weakness in the U.S. economy and the possibility of more writedowns by North American banks, according to a report by CIBC World Markets. The combination of a decline in housing prices in the United States and rising default rates could trigger as much […]
BNY Mellon Asset Servicing has been reappointed by ING Funds as global custodian for about US$117 billion in assets. In continuing a five-year partnership, BNY Mellon will also provide fund accounting, securities lending, risk reporting, foreign exchange and shareholder servicing to ING Funds. “We look forward to providing ING with the benefit of our growing […]
Five-year collective agreements are in place between all of Alberta’s 62 school boards and local teachers’ bargaining units, which was a requirement of the memorandum of agreement between the government and the Alberta Teachers’ Association (ATA) to address the teachers’ unfunded pension liability. “This is a historic day,” says the province’s premier, Ed Stelmach. “School […]
Four of the Big Five banks have confirmed they will participate in the restructuring of third-party asset-backed commercial paper (ABCP). Bank of Montreal, CIBC, Royal Bank and Scotiabank have agreed in principle—subject to certain conditions—to join National Bank, certain members of the pan-Canadian investors committee and certain dealer bank asset providers, and participate as lenders […]
The president and chief executive officer, Tullio Cedraschi, of the CN Investment Division has retired. He joined the division as a financial analyst 40 years ago and was appointed president and CEO in November 1977. “Tullio has been one of the most successful pension fund managers in Canada,” says David G. A. McLean, chairman of […]