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State Street Bank is about to become the world’s second largest global custodian with assets under custody exceeding $14.1 trillion dollars. The bank’s new ranking would be gained after closing their latest deal to acquire the Investors Financial Services Corporation by the end of the third quarter of this year. The bank would bypass JP Morgan Chase & Co. in ranking to become the largest hedge fund administrator.

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The global fund managers relentlessly screen the globe’s continents in search for investments opportunities. The emerging markets have been a source of handsome returns for savvy fund managers who were sharp enough to spot the potentials of these untapped markets. A key element of their success lies in the heart of their investment decision making process; their buy and sell orders are mostly based on a long term investment strategy rather than some hasty short term speculations.

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In a major gathering at the Grand Hayat Hotel in Amman, Ziad al Basha, a truly distinguished banker, has joined our office as the new Securities (Custody and Clearing - CNC) executive. Ziad's bio can be found hereunder.  

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The word “securities” is derived from a Latin word meaning “without worry”. Today securities are written undertakings acknowledging a debt, or the written acknowledgement of a payment of money.

The USA legal definition of securities is:  “An investment in an enterprise with the expectation of profit from the efforts of other people; Any note, stock certificate, bond, debenture, check, draft, warrant, traveler's check, letter of credit, warehouse receipt, negotiable bill of lading, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate; valid or blank motor vehicle title; certificate of interest in property, tangible or intangible; instrument or document or writing evidencing ownership of goods, wares, and merchandise, or transferring or assigning any right, title, or interest in or to goods, wares, and merchandise; or, in general, any instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, warrant, or right to subscribe to or purchase any of the foregoing, or any forged, counterfeited, or spurious representation of any of the foregoing. 18 USC”

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Custody/Sub - Custody Business

The custody business is one of the most lucrative divisions in investment banking. It is estimated that custody annually generates some 12.5 Billion in fee income noting that fees only constitute about 40% of the overall income of a custodian... this is a high profile business worth considering especially now that global fund managers such as State Street Bank, Bank of New York, Barclays..etc are investing in the emerging markets of the Middle East.

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In a Securities Fraud crime trading laws have been violated.

Securities Fraud

can range from providing false information on a companies financial statement, SEC filings, lying to an auditor, stock manipulation schemes, insider trading, and embezzlement to getting investors to buy Securities with false information. The Securities and Exchange Commission regulates investigates and prosecutes Securities Fraud.

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Posted by popular at 09:36 AM | Permalink

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By Mara Der Hovanesian, with Dawn Kopecki in Washington | Jun 19, 2006 | 715 words, 0 images

When drug runners and terrorists want to park illicit cash, there may be no better haven than hedge funds. Despite tough new anti-money laundering standards put out by U.S. regulators for banks, mutual fund companies, insurers, and money transmitters, the highly secretive hedge fund industry has no restrictions whatsoever. Says Peter Djinis, an attorney and former executive assistant director for regulatory policy at the Treasury Dept.'s Financial Crimes Enforcement Network (FinCEN): “The lack of controls is conspicuous.”

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By Elliot Blair

Morgan Stanley was ordered Tuesday to pay a $10 million fine and to scrutinize employee trading records for the last four years after the Securities and Exchange Commission discovered a "systemic breakdown" in how the Wall Street firm controlled inside information.

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The Securities Industry

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HSBC has launched its fund administration services for the growing mutual funds sector in Bahrain. HSBC is the first international financial institution to offer both custody and fund administration services in Bahrain.

Bahrain is one of the largest centres in the Middle East for fund registration for Gulf Co-operation Council states. With the Bahrain Monetary Agency’s sophisticated regulations governing mutual funds and the increasing number of new funds being registered by fund managers, HSBC is launching an Institutional Fund Services operation to meet the growing demand for fund administration services. These services including fund accounting and valuation, transfer agency and registrar services will complement the custody services already offered by HSBC, covering not only investments in Bahrain, but also in other Middle East and North Africa and international markets.

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In August 2005, the HSBC was named ‘Best Sub-Custodian Bank in the Middle East region and the UAE by the Global Finance magazine.

Global Finance editors and reporters, with input from expert sources, selected the winners from institutions that reliably provide the best custody services in local markets and regions to global custodians. Their criteria included customer relations, quality of service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business-continuity plans and knowledge of local regulations and practices. Winners in eight regions and 35 countries were selected, among which HSBC ranked first in 11 countries and two regions.

Posted by popular at 01:58 PM | Permalink

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