Latest news with #assetservicing
Yahoo
08-07-2025
- Business
- Yahoo
Fosun Secures EUR670 Million Through Completion of German Private Bank HAL Sale
Fully Retains High-Growth Luxembourg Asset Servicing Business HONG KONG, July 2, 2025 /PRNewswire/ -- On 1 July 2025, Fosun (Fosun International Limited, HKEX stock code: 00656, with its subsidiaries collectively the "Fosun" or the "Company") announced the completion of the sale of all 99.743% shares of German private bank Hauck Aufhäuser Lampe Privatbank AG (HAL) which were held by Fosun's subsidiary, Bridge Fortune Investment S.à r.l., on 30 June. Fosun received the transaction consideration attributed to its shareholding in HAL of EUR670 million on the same day, to be followed by a closing settlement in due course for any difference to the actual book value. This transaction has delivered a double-digit internal rate of return (IRR) for Fosun, underscoring the Fosun's strong capabilities in asset operation and value realization. Since acquiring HAL (formerly Hauck & Aufhäuser, or H&A) in 2016, Fosun has transformed it into one of the leading private banks in Germany through in-depth operational management and strategic support of its ongoing mergers and acquisitions. Over the years, Fosun has realized substantial income through dividend. With this completion of this sale, Fosun has successfully divested HAL's banking business and no longer has any shareholdings in HAL. However, Fosun retains full ownership of its highly valuable asset servicing business, Hauck & Aufhäuser Fund Services S.A. and its subsidiaries (HAFS). Operating as an independent third party, HAFS maintains a leading position in fund establishment with more than EUR 100bn asset under service across the core markets of the European fund industry, namely Luxembourg, Ireland, and the broader German-speaking region, thanks to its outstanding service and expertise. After Closing, HAFS will continue to collaborate with HAL to provide fund administration services as part of the One-Stop-Shop model for Asset Servicing clients. Retaining High-Growth Asset to Drive Asset Servicing Business Development Fosun will continue to support HAFS in pursuing its independent growth strategy, with a focus on international business expansion and innovative fund solutions. HAFS' business is highly complementary to Fosun's financial operations in Europe, including insurance and asset management, and will further enhance synergies across the Group. Additionally, Fosun will leverage its global network to actively assist HAFS in expanding into emerging markets such as the Middle East and Asia, bolstering both its geographic reach and comprehensive operational capabilities. Christoph Kraiker, CEO of HAFS, said, "Looking ahead, we will harness the global footprint and strong synergies of our shareholder, Fosun, to enhance operational efficiency and elevate service quality. Through ongoing investment and accelerated digital transformation, we strive to generate greater value for our clients." Focusing on Core Business and Advancing an Asset-Light Operating Strategy Fosun's successful divestment of HAL's banking business has unlocked the underlying value of the institution. At the same time, the strategic retention of its asset servicing business underscores the Company's commitment to focusing on core business and advancing an asset-light operating model. Wilson Jin, Senior Vice President of Fosun International, stated, "The successful sale of HAL's shares marks a key milestone in Fosun's steadfast commitment to asset optimization and asset-light operations. Retaining HAFS' asset servicing business strongly aligns with the Group's asset-light operating model, unlocking potential for cross-regional synergies and long-term value creation. The smooth completion of this transaction once again demonstrates Fosun's strategic determination and execution capabilities in optimizing its asset portfolio and focusing on the development of core industries amid a complex economic environment." Looking ahead, Fosun will remain firmly committed to its core business-focused strategy. While exiting certain asset-heavy projects and non-core industries, the Company will further increase its investment in industries where it holds key competitive advantages, such as biopharmaceuticals, cultural tourism, insurance and healthcare. Leveraging its global resource integration capabilities, Fosun aims to build a highly synergistic and efficient industrial ecosystem that drives holistic growth in corporate value. This strategic focus will enable the Company to deliver more high-quality products and services to customers worldwide and generate stable, long-term returns for both shareholders and society, thereby steadily advancing Fosun toward its goal of becoming a globally leading enterprise group with RMB10 billion in annual profits. About Fosun Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of families worldwide in Health, Happiness, and Wealth. In 2007, Fosun International was listed on the main board of the Hong Kong Stock Exchange (stock code: As of 31 December 2024, Fosun International's total assets amounted to RMB796.5 billion and it received an AA MSCI ESG rating. View original content: SOURCE Fosun Sign in to access your portfolio
Yahoo
02-06-2025
- Business
- Yahoo
Northern Trust Appointed Custodian for Dutch Pension Fund BPF Beton
Appointment Underscores Commitment to Supporting Dutch Pension Funds Migrating to New Pension System AMSTERDAM, June 02, 2025--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today that it has been appointed by Dutch pension fund BPF Beton to provide global custody, regulatory reporting, valuation and accounting, and performance analytics. BPF Beton is the industry pension fund for people working in the concrete products industry in the Netherlands with approximately EUR 1.2 billion (approximately US$1.2 billion) in assets as at 31 December 2024. Herman Prummel, country head, Netherlands, Northern Trust, said: "We are pleased to be supporting BPF Beton. Northern Trust has been servicing Dutch pension clients for four decades and is a long-term strategic partner to the pensions industry. With our deep local market expertise, global scale, data and technology platform, Northern Trust is committed to the Dutch pensions industry and its evolving needs. This mandate showcases our regional commitment and expertise in ensuring a seamless, efficient transition to the new reporting standards. We look forward to working with BPF Beton and continuing to serve the needs of the Dutch pension fund industry." The pension system in the Netherlands is migrating to a defined contribution system, known as the Future of Pensions Act or 'Wet Toekomst Pensioenen'. BPF Beton sought an asset servicing partner that could help them through the changes brought on by the new legislation. Govert van der Peijl, president and chairman of BPF Beton, said: "This transition is complex and large scale. We sought a strategic service provider who understands the requirements under the new legislation and who can support us navigate this new landscape. Northern Trust impressed us with their rapid response to the new legislation and their dedication to the Dutch pension fund industry. We are pleased to collaborate with Northern Trust and look forward to their support as our scheme embarks on the next chapter of its journey to deliver the best possible outcomes for our members." About BPF Beton BPF Beton is the sectoral pension scheme for employees active in the manufacturing industry for concrete products. Based in Amsterdam, they represent over 25,000 members as at 31 December 2024. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at View source version on Contacts Media Contacts Europe, Middle East, Africa & Asia-Pacific: Camilla Greene+44 (0) 20 7982 2176Camilla_Greene@ Simon Ansell+ 44 (0) 20 7982 1016Simon_Ansell@ US & Canada:John O'Connell+1 312 444 2388John_O'Connell@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
15-05-2025
- Business
- National Post
Northern Trust Names Jeff Alexander to Head The Northern Trust Company, Canada
Article content TORONTO — Northern Trust (Nasdaq: NTRS) announced today that Jeff Alexander has joined as President and CEO of The Northern Trust Company, Canada, and Principal Officer of the affiliated The Northern Trust Company, Canada Branch based in Toronto. Article content Article content Canada is a strategically important market for Northern Trust, which has more than 150 clients across eight provinces and two territories. Article content In his new role, Alexander will lead the asset servicing business in Canada, including relationships with clients and regulators. Canada is a strategically important market for Northern Trust, which has more than 150 clients across eight provinces and two territories. Alexander reports to Melanie Pickett, Head of Asset Servicing, Americas and, as a director, to the Board of Directors of The Northern Trust Company, Canada. Article content 'At Northern Trust, we are deeply committed to our Canadian clients and their unique needs,' Pickett said. 'Jeff brings extensive experience in asset servicing, with expertise built through consulting with hundreds of global clients. That experience will serve him well in this role. We are thrilled to welcome Jeff and are confident he will be a strong leader for our Canada team and an asset to our clients.' Article content With more than 30 years of experience, Alexander has considerable knowledge of the Canadian financial services landscape and regulatory environment. Most recently, he was part of the executive leadership team at TELUS Health, a global pension and benefits consultancy, where he was the National Custody Practice Lead and National Growth Lead. During his tenure, he built strong relationships with key clients, worked with regulators, and participated in industry boards. Prior to this, Alexander held senior executive positions in client servicing, marketing, and sales at CIBC Mellon and Montreal Trust Company of Canada. Article content Alexander succeeds Katie Pries, who has led Northern Trust in Canada since 2020 and will take on a newly created global role focused on Northern Trust's anti-money laundering processes. Article content Northern Trust has more than three decades of experience in providing an extensive range of innovative asset servicing solutions to meet the unique needs of institutional investors and investment managers in Canada. With a rich heritage and intricate understanding of the Canadian landscape, Northern Trust Canada is able to provide meaningful insights and strategic perspectives to market participants. Article content About Northern Trust Article content Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn. Article content Article content Article content Article content Article content Contacts Article content Media Contacts Europe, Middle East, Africa & Asia-Pacific: Camilla Greene +44 (0) 20 7982 2176 Camilla_Greene@ Article content Article content Article content
National Post
13-05-2025
- Business
- National Post
Citco enters strategic partnership with GIC
Article content NEW YORK — The Citco group of companies (Citco) and GIC are pleased to announce that they have entered a long term, strategic relationship. As part of the relationship, GIC, a global institutional investor, has become a minority shareholder in Citco. The founding Smeets Family shall remain the majority shareholder in Citco. Article content Article content 'Citco has organically grown into a global market-leading asset servicing business, delivering value to investors like GIC for over 50 years. Our investment aligns squarely with GIC's commitment to building long-lasting partnerships that empower family-owned businesses to thrive. With a combination of client-centric solutions and savvy technological investments Citco is at the forefront of their industry. We look forward to partnering with Citco and the Smeets family as we embark on this new chapter together.' – Girish Karira, Head of Integrated Strategies Group and Head, New York Office at GIC. Article content 'We look forward to continuing our strategic relationship with GIC. Their industry perspective and long-term approach to investing, paired with Citco's client-driven solutions and culture of innovation, will enable us to continue to drive scalability for our clients – cementing our position as our client's foundation for growth.' – Roald Smeets, President and Chief Operations Officer of Citco Group of Companies (Citco) Article content The Citco group of companies (Citco) is a network of independent companies worldwide. These companies are leading providers of asset-servicing solutions to the global alternative investment industry. With over $2 trillion in assets under administration and operations spanning across 36 countries, Citco's unique culture of innovation and client-driven solutions have provided Citco's clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco offers a full suite of middle office and back-office services including treasury and loan servicing, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services, alongside banking and depository services. Investing heavily in innovation and technology whilst further developing its current suite of client-friendly solutions, Citco will continue as a flagbearer for the asset-servicing industry. For more information, please visit or follow on LinkedIn. Article content GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. GIC has developed strong relationships and invests with family offices, family-owned businesses/entrepreneurs, corporates, and individuals with specific expertise (independent sponsors). The firm provides bespoke solutions to our partners for various uses including growth capital, M&A financing, shareholding restructuring, etc. With a flexible investment mandate, GIC can invest across the capital structure and hence, find the right investment structure for our partners. GIC's long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice and add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit or follow on LinkedIn. Article content Article content Article content Article content Article content Article content
