State Street's chief executive explained this period of ‘extraordinary price pressure’ could be levelling out for the global custodian.
Asset managers concerned that the messaging tools custodians use for the collateral management process are behind the times.
Northern Trust will provide custody, depository, fund accounting and FX services to the investment trust, and fund administration to Mobius Emerging Markets Fund vehicle.
Northern Trust is currently providing accounting services for select clients that have a small portion of their assets in cryptocurrencies.
A fully integrated trading, settlement and custody infrastructure for digital assets is set to launch in 2019.
Lisa Lou will be responsible for managing State Street’s global services business for China and leading the bank’s China strategy.