Standard Chartered picks up sub-custody account in Japan

The BNP Paribas Securities Services account win, equal to $4 billion in assets, is evidence of a general shift in Japanese sub-custody business to foreign banks.
Standard Chartered has been appointed to handle local settlement and clearing for global custodian BNP Paribas Securities Services in Japan. The UK-based bank will look after $4 billion in assets under custody that BNP Paribas manages for institutional clients - one of the largest portfolios in the country.

Standard Chartered won the account from Bank of Tokyo Mitsubishi.

Paul Hedges, head of custody sales and relationship management for Standard Chartered in Europe, says the appointment illustrates a wider trend for foreign custodians in Japan to transfer their accounts from Japanese banks to foreign providers.

Japan was traditionally one of those markets where everyone used a local sub-custodian because they were the only ones that...

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