Custody’s New Global Giant
FEATURE
State Street’s acquisition of Deutsche’s custody business gives the firm a solid stake in European markets ripe for pension overhaul. More importantly, it reinforces the fact that custody will always be a volumes game.
When the news first surfaced that Deutsche Bank wanted to sell off its securities services division, there was surprise and worry that Europe’s third-largest custodian was packing it in, especially as the German firm had spent millions trying to build its custody business. If an
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