|Over a week ago|
Citi spinning off investor communication platform Proxymity » 07:1605/0505/05/20
C, DB, BK, HSBC, JPM, STT
Proxymity, the digital…
Proxymity, the digital investor communications platform developed within Citi's (C) Institutional Clients Group, announced that it has raised $20.5M in a strategic round of investment and will form its own entity via a global, industry-led consortium. "The consortium brings together the leading global and direct custodians and the leading issuer agents ensuring unparalleled, instant access to the world's leading investors and companies," Proxymity said in a statement. BNY Mellon (BK), Citi, Clearstream, Computershare, Deutsche Bank (DB), HSBC (HSBC), J.P. Morgan (JPM), and State Street (STT) comprise the newly formed Proxymity consortium. The Proxymity team will be based in London. Co-founders Dean Little and Jonathan Smalley, who have over 30 years of combined industry experience in custody product development, have been appointed CEO and COO, respectively. With this new capital and support from the consortium, Proxymity will scale and grow rapidly across the globe. Its immediate focus will be the EU markets ahead of the forthcoming SRDII implementation. Given regulatory changes and new challenges presented to companies because of the COVID-19 crisis, Proxymity's ability to connect stakeholders directly and digitally in real-time will help issuers, intermediaries, and investors who are looking for a seamless solution to achieve compliance. Proxymity will also work globally to help companies effectively and efficiently provide a solution to their shareholder identification process.
|Over a month ago|
State Street announces alliance with Virtus from FIS » 09:3204/2004/20/20
State Street Corporation…
State Street Corporation (STT) announced it has entered into an alliance with Virtus from FIS (FIS) to provide Collateralized Loan Obligation and Collateralized Debt Obligation technology management solutions to clients in the United States and Europe. Through this alliance, State Street will leverage Virtus' Business Process-as-a-Service solution to provide services jointly to CLO and CDO clients. Virtus will provide collateral administration services and State Street will provide trustee services, registrar services, transfer agent services, paying agent services, bank account services and custodian services. "We are delighted to partner with Virtus on this exciting new opportunity that we think will deliver enhanced solutions and outcomes for our clients", said Jen Tribush at State Street. "Virtus from FIS is a leading end-to-end technology and solutions provider which, when combined with our experience and established track-record providing services throughout the front, middle and back office, creates a compelling value proposition for clients in this space."
State Street sees Q2 NII down 11% vs. Q1 excluding items » 10:5104/1704/17/20
State Street expects NII…
State Street expects NII to stabilize by Q4.
State Street sees 2020 management fees down 3%-5% » 10:4204/1704/17/20
Sees 2020 servicing fees…
Sees 2020 servicing fees down 1%-3%.
State Street: Macroeconomic environment remains 'uncertain' » 10:0604/1704/17/20
Comments taken from Q1…
Comments taken from Q1 earnings conference call.
State Street: Roughly 90% of employees working from home 09:5104/1704/17/20
State Street sees medium-term revenue growth 4%-5% with CRD » 09:5004/1704/17/20
Sees medium-term pre-tax…
Sees medium-term pre-tax margin improving by an additional 2% points. Sees medium-term EPS growth 10%-15%, with ROE of 12%-15%.
State Street 'confident' in achieving revenue, expense synergy targets » 09:5004/1704/17/20
Comments taken from Q1…
Comments taken from Q1 earnings conference call presentation slides.
State Street reports Q1 EPS $1.62, consensus $1.35 » 09:4004/1704/17/20
Reports Q1 revenue…
Reports Q1 revenue $3.07B, consensus $2.9B. Reports Q1 CET1 capital ratio 10.7%. Reports Q1 AUM $2.69T. Reports Q1 average deposits up 16% to $180B. Ron O'Hanley, Chairman and CEO said, "The COVID-19 pandemic is an unprecedented challenge for the global economy. I am immensely proud of our employees for their outstanding performance on behalf of our clients while working under trying conditions. State Street operated effectively and responded quickly to help stabilize the financial markets and support our employees, clients and communities. Our operational resilience, experience, and business continuity plans, as well as our strong balance sheet and associated capital and liquidity positions, helped prepare us for these extraordinary times and have positioned us to confidently navigate volatile market conditions, serve our clients, and efficiently execute against our strategy." O'Hanley added: "While our first quarter results were somewhat impacted by the COVID-19 pandemic, our overall strong year-over-year performance reflects the strength, diversity and durability of our business model. Compared to 4Q19, market valuations and client flows impacted servicing and management fees, offset by significant client activity, with heightened volatility levels driving strong fee revenue growth in our foreign exchange trading services business. Similarly, while lower rates were a headwind for net interest income during the quarter, we also saw significant deposit inflows and greater client usage of our strong balance sheet. Our costs remain contained, with expenses down 2% year-over-year. Although the near-term outlook for financial markets is uncertain and we must be cautious about the pace and timing of the economic recovery, State Street's commitment and ability to be an essential partner to its clients in these challenging days is unwavering and creates a strong foundation for future growth."
Fly Intel: Pre-market Movers » 09:0104/1704/17/20
PG, BA, MRNA, GILD, AMC, SLB, STT, KSU, RF, CFG, CHWY, CUTR
Check out this morning's…