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Joost Lobler By Beverly Chandler, Opalesque London
Daiwa Securities Group Inc ("Daiwa") has signed a sale and purchase agreement with Sumitomo Mitsui Trust Bank, Limited ("SMTB"), to transfer its Global Asset Services Division to them.
The Global Asset Services Division comprises Daiwa’s Fund Administration/ UCITs Management Company, Custodian, Trustee and Authorized Corporate Director entities domiciled in Ireland, UK and Cayman servicing clients across the globe, including the activities in Hong Kong. This transaction is subject to the customary regulatory approvals.
Joost Lobler, Head of Sales Asia - ex Japan, Global Asset Services, Daiwa Capital Markets Hong Kong Ltd told Opalesque that this is a very positive development for Daiwa Global Asset Services, its staff and its clients given the strength and global presence of the acquiring company.
"The Global Asset Services management team has been working with SMTB on the three year roadmap which builds on our core foundation of operational and fiduciary excellence as well as market penetration".
The company believes that the key headline items for the future involve: developing synergies based upon the new parent’s stature as an established financial institution of size; developing existing and additional servicing capacities and utilizing SMTB’s global business network. The other major focus will involve strategic investment in technology solutions.
This transaction allows Daiwa to ...................... To view our full article Click here
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