[CONTENTS]

REGULARS 03 Welcome message | Jonathan Watkins

What you can do, can’t do and should do

08 People moves

10 News round-up

13 Updates

46 Q&A | Andrew Osborne

62 Inside the deal | Exploring Franklin

Templeton’s decision to outsource global transfer agency operations to FIS

IN DEPTH 28 A game of thrones

BNY Mellon and State Street may be the two largest custodians in the world, but don’t for one moment believe that either is happy with second place in a business where size and success are easily measured. We dive deep into the ongoing grappling for superiority, along with their different approaches, strategies and fortunes as both make a play for the throne in 2022.

34 Inside the BNY Mellon leadership carousel

The average tenure of a chief executive officer is said to be around five years, so when BNY Mellon has had three leaders in that space of time, it’s time to ask questions around why this carousel at the top has occurred and go inside the story of the bank’s most recent CEOs.

82 Final thoughts | Virginie O’Shea

The systemic risk designation dance

NEWS REVIEW 20 Private funds caught up in SEC chair’s unwavering pursuit of transparency While hedge funds and private equity firms have made huge progress in terms of their overall transparency, the Securities and Exchange Commission (SEC) argues more work is still needed.

EVENT 22 Leaders in Custody Awards 2022

Presenting this year’s shortlist for the awards to be held at The Savoy, London on 4 May, recognising custodians, market infrastructures and technology providers.

6 Global Custodian Spring 2022