In a business where volume matters, Nippon Life Insurance's $40 billion book of offshore assets will be a big win for the global custodians that have been short-listed for the account which has been up for grabs for more than six months now.
Those known to be in the running are Bank of New York, Citibank, JPMorgan, State Street and the incumbent Deutsche Bank. It is not known whether Brown Brothers Harriman is also in the race even though it has developed some good relationships with a few of Japan's large asset management houses. Market practitioners predict that Nippon Life will probably share the mandate around, breaking the...
