“The so-called ‘plumbing’ of the financial markets, including custodians and sub-custodians, prime brokers, and CCP members, many of which are unrated by main agencies, all saw credit quality declines," says David Carruthers
"We are eager to work with the BNY Mellon team and have been impressed by its service model, solutions, deep industry experience and the strategic vision they bring to investor solutions," says Charles Schwab Investment Management's Mark Fischer
The new office comes after TrustQuay significantly invested in Luxembourg-specific corporate services, trust and fund administration functionality such as eCDF and FAIA reporting
The new booking centre in Monaco adds to the network of locations currently available to external asset managers: Geneva, Zurich, Luxembourg, London, Paris and Madrid
Concerns around the amount of work yet to be carried out with regards to the LIBOR transition still remain, as indicated by Tal Reback, principal at KKR
