State Street last week announced the completion of its purchase of Deutsche Bank's securities services, marking a consolidation of global custody providers - a theme which some market players expect to gain momentum throughout 2003.
The $1.5 billion sale sees State Street take over a substantial part of Deutsche Bank's business representing approximately $2.2 trillion in assets as at August 2002. The sale affects mostly the European and US operations where Deutsche Bank had a large global custody presence as well as services in fund administration, securities lending, performance measurement, and benefit payments. One of the core clients being transferred, representing about 25% of the acquired revenues of the business, is Deutsche...
