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✨THE MONTHLY - ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨
✨THE MONTHLY - ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨
✨LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES✨
These are the latest Global Financial News stories within the past month and the latest moves in the City over the past 7 days, this is the ONLY place to receive all of the latest market moves.
Sarah Lewandowski is starting a new position as Investor Relations Manager at Equitory
Narvir Brar is starting a new position as Head: UK EQD Institutional Sales at Bank of America Merrill Lynch
Jason Kalamboussis is leaving KBC Securities and starting a new position as Equity Analyst - Financials with ING.
Sofia Savvantidou is starting a new position as Senior Investment Analyst at Ambienta SGR S.p.A.
Olivia Honychurch is starting a new position as Senior Associate, TMT Equity Research at Jefferies
Paul Hollingworth is starting as Founder at LATAM Capital Management, LLC
Scott Silver is starting a new position as Director - TMT Specialist Sales at Credit Suisse
Michael Kaloghiros is starting a new position as Equity long short analyst at Millennium
Niels Erik Nielsen is starting a new position as Global Co-Head of Equity Capital Markets at Danske Bank
Greg Levett is starting a new position as Managing Director at Olivetree Group
Matteo Martinuzzi is starting a new position as Private Equity Real Estate at Morgan Stanley
Rob Thomas is starting a new position as Director at Stifel Financial Corp.
Peter Bentley is starting a new position as Chief Innovation Officer at Aon
Richard James is being promoted to Head of Automated Insight Design at UBS Evidence Lab
Vincenzo Spadaro is starting a new position as Head of Institutional Distribution, Southern Europe at UniCredit
Vincent Mak is starting a new position as Executive Director, Trading at Haitong International Securities Group Limited
Phillip Wade is starting a new position as Associate at J.P. Morgan
Jemima Benstead, CFA is starting a new position as Investor Relations Manager at Coca-Cola HBC
Darren Witton is starting a new position as Head of Investment Performance & Risk at Stonehage Fleming
Eric Le Berrigaud is starting a new position as Managing Director, Healthcare Europe at Stifel Europe Bank AG
Al Alevizakos is starting a new position as Managing Director at AXIA
Scott Farmer is starting a new position as Managing Director - Electronic Trading at Evercore
These are the latest moves in the City over the past 7 days and this is the ONLY place to receive all of the latest market moves. If you would like to see your name, or your company's new hires featured on here, get in contact and let us know the details.
✨THE TOP NEWS STORIES✨
These are the latest Global Financial News stories within the past month
✨UBS CREATES A NEW ARTIFICIAL INTELLIGENCE AND DATA ANALYTICS TEAM✨
UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence and data analytics to drive the bank’s digitization.
The new team called AI, Data and Analytics, will be lead by the head of the investment bank Robert Karofsky and chief digital and information officer Mike Dargan, according to a memo Hamers sent to employees.
The AI and analytics team will be responsible for managing data, establishing best practice, and avoiding duplication of data analysis efforts across the bank’s four divisions, according to the memo. It will operate in a hub-and-spoke model with central staff at the group level coordinating and interacting with “spoke” teams that sit within UBS’s wealth, asset, investment bank, and Swiss units.
The changes reflect Hamers’ first major steps to enact what has become his signature theme since joining the Swiss bank a year ago, namely using digital technology to cut costs. That will entail job cuts, as the chief executive has indicated he wants to use artificial intelligence to help win wealthy clients amid increased competition.
The bank also plans to dismantle its group research and analytics team lead by Juan-Luis Perez, who will leave UBS at the end of the month. The global research team writing about companies, markets, macro topics, among others as well as the a data analytics team will be moved back into the investment bank.
The remaining part of Perez’s team, which analyzes wealth management clients to better tailor product offerings, for example smart email campaigns, will be moved into the wealth unit. It will be led by Barry Hurewitz who will report to Tom Naratil, co-head of the wealth management division.
✨THE BANK OF ENGLAND WARNS OF A POSSIBLE SHARP STOCK MARKET CORRECTION✨
The historically high value of financial assets could correct sharply if investors reassess the prospects for recovery from COVID-19, with signs of increased risk-taking at investment banks, the Bank of England said on Friday.
The BoE’s Financial Policy Committee (FPC) said in a statement there was evidence that risk-taking remained elevated in a number of financial markets relative to historic levels.
“Asset valuations could correct sharply if, for example, market participants re‐evaluate the prospects for growth, inflation or interest rates,” the statement said.
“There are signs of continued loosening in underwriting standards and increased risk-taking in some investment banking businesses.”
✨HSBC APPOINT NEW HEAD OF ADVISORY✨
HSBC has appointed Jon Connor as Head of Advisory and Investment Banking Coverage for the Middle East, North Africa, and Turkey (MENAT).
Before joining the international banking giant, Connor has 23 years of experience in investment banking and had 15 years at HSBC in Asia and Europe as the Global Head of Transport, Logistics, Infrastructure & Construction.
Connor commented: “Our primary focus is to serve our clients efficiently across our global network as we connect them to capital pools and advise on achieving growth ambitions. The positioning of a global sector in the region indicates our focus on MENAT and alongside our local market-leading execution capabilities will ensure the highest level of service to clients across our event business.”
✨DEUTSCHE BANK SEEKING NORDIC EXPANSION DUE TO STRONG DEAL FLOW✨
Deutsche Bank AG is targeting more business in the Nordic market by utilizing its balance sheet and bringing in additional bankers, according to the region’s chief executive officer.
“We are selectively hiring, but also putting capital and balance sheet behind the right type of opportunities,” Jan Olsson said in a phone interview from London.
The Nordic region “really stands out” and has become “a very active environment” for capital raising as well as mergers and acquisitions, according to the 33-year veteran of the bank.
Olsson points to a spate of landmark deals in recent days including Polestar’s $20 billion SPAC plan and Heimstaden Bostad’s acquisition financing, in which the German lender helped underwrite a $7.6 billion short-term bridge loan alongside JPMorgan Chase & Co.
“We’ve had very limited inflation for many years,” Olsson said. “As investors get used to the new environment, they will master this transition period, so I feel optimistic.”
✨JEFFERIES ANNOUNCE NEW HEAD OF INVESTMENT BANKING IN ASIA✨
Jefferies Financial Group has appointed Christopher Laskowski to head its Asia Investment Banking division.
Mr. Laskowski joins the bank from private equity and venture capital firm MSA Capital in Hong Kong, a spokeswoman for the U.S. bank said Thursday.
Prior to MSA Capital, he held several senior roles at Citigroup including as Chief Operating Officer of Citi's APAC Corporate and Investment Banking.
Laskowski’s “experience in building a leading investment banking franchise in Asia will help to continue our strong revenue and market share growth in the region,” Murray John Wilson, President of Jefferies Asia, said in the memo.
Jefferies, which has been expanding in Asia in recent years, saw its global revenue rise by 50% to a record $5.4 billion in the first nine months of the year.
✨NORTHERN TRUST APPOINT PAULIN IN NEWLY CREATED GLOBAL STRATEGY ROLE✨
Northern Trust has appointed Gary Paulin as head of Global Strategic Solutions for its asset servicing business.
In this newly-created position, Paulin, who is based in London, will lead the development and design of innovative solutions that will enable clients to access and benefit from the full range of Northern Trust’s global capabilities.
The appointment supports Northern Trust Whole Office™ – the strategy bringing advanced open architecture, multi-asset class solutions to institutional market participants, across the entire investment lifecycle.
Paulin reports to Pete Cherecwich of Corporate & Institutional Services at Northern Trust, who comments, “As our capabilities to support the front office continue to grow, so do our client interactions. Gary’s expertise and experience to build relationships at a senior level with the front office will be key. This strategic appointment also underscores our commitment to client collaboration and co-creation to help clients execute on their overall business strategy.”
Paulin assumes the role having previously been global head of Integrated Trading Solutions, Northern Trust’s outsourced trading capability. He has over 20 years’ experience within the financial services industry, having joined Northern Trust in 2016 after the Bank’s acquisition of Aviate Global LLP, an institutional equity brokerage firm co-founded by Paulin.
✨BANK OF AMERICA LAUNCHES RESEARCH FOR DIGITAL ASSETS✨
Bank of America has launched digital assets research coverage nearly three months after forming a crypto group.
Digital assets are a $2 trillion market with 200 million users, according to a Bank of America press release, and the sector is “too large to ignore,” a group of analysts led by Alkesh Shah wrote in a new research note.
“We believe crypto-based digital assets could form an entirely new asset class,” the analysts said, adding:
“Bitcoin is important with a market value of ~$900bn, but the digital asset ecosystem is so much more: tokens that act like operating systems, decentralized applications (DApps) without middlemen, stablecoins pegged to fiat currencies, central bank digital currencies (CBDCs) to replace national currencies, and non-fungible tokens (NFTs) enabling connections between creators and fans.”
“This creates a new generation of companies for digital assets trading, offerings and new applications across industries, including finance, supply chain, gaming and social media. And yet we’re still in the early innings,” the analysts wrote.
The analysts see regulatory uncertainty as the only near-term risk to digital assets.
✨CITI APPOINT NEW HEAD OF CLEAN ENERGY BANKING✨
Citigroup has appointed William Pang as the head of its Natural Resources and Clean Energy Transition (NRCET) Investment Banking unit in Asia, according to a statement from the bank.
Pang joined Citi in 2015 and will continue to lead infrastructure investment banking in Asia, the statement said.
NRCET was established globally in March this year to work with the bank's clients on transitioning to cleaner energy.
Three of Citi's banking groups - chemicals, energy and power - were consolidated into one as part of a push to grow the bank's environmental sustainability coverage.
Pang will report to Jan Metzger, Citi Asia Pacific head of Banking, Capital Markets and Advisory, and globally to NRCET co-heads Stephen Trauber and sandip sen.
"Clean energy transition is a global super trend that is accelerating rapidly and will last decades," Metzger said in the statement.
✨JEFFERIES RECORD NEAR DOUBLE EARNINGS IN M&A BONANZA✨
Jefferies stock traded 1.6% higher in Friday’s premarket as high momentum in the investment banking business drove the company’s third-quarter results well past estimates.
It has been a boom time for investment bankers as the pandemic-fueled craze for deal-making and fund-raising has meant big business in fees for industry professionals, a large part of which came Jefferies’ way.
With an expanded roster of 1,200 investment bankers, the bank arranged 424 separate transactions for 407 different clients with an aggregate deal value of $238 billion in the third quarter.
The average value per transaction touched an all-time high and was 48% higher than the same period a year ago.
As a result, revenue from investment banking doubled to $1.18 billion and was more than 70% of the total net revenue. The company started the current quarter with an investment banking order pipeline at a record high.
Third-quarter net revenue rose 19% to $1.65 billion. Profit per share almost doubled to $1.5.
✨CREDIT SUISSE LOSES ANOTHER TOP BANKER, THIS TIME TO RBC✨
Credit Suisse Group AG banker Ram Amarnath resigned to join a rival firm, the latest in a slew of departures following the company’s involvement in costly scandals.
Amarnath, a Toronto-based managing director, is joining RBC Capital Markets as a vice chairman overseeing relationships with clients in sectors including financial sponsors, industrials and technology, according to people with knowledge of the matter who asked not to be identified discussing information that isn’t public.
Amarnath, who starts at RBC in the new year, joined Credit Suisse in 2019 from Morgan Stanley as Canadian head of investment banking and capital markets.
Spokesmen for Credit Suisse and RBC declined to comment.
Credit Suisse has experienced dozens of senior defections amid concerns about future compensation after the bank disclosed large losses from its involvement in scandals featuring Archegos Capital Management and Greensill Capital.
✨GOLDMAN SACHS APPOINT HEAD OF INVESTMENT BANKING IN ASIA✨
Goldman Sachs Group Inc. appointed Andy Tai, head of its investment banking division in Southeast Asia, filling a void left by Harry Naysmith who resigned this month.
Tai, who’s been with Goldman for 14 years, will drive client coverage, particularly in the new economy sectors, and work closely with the regional investment banking team to “elevate” the southeast Asia footprint, .
Most recently working in Hong Kong, Tai will be returning to Singapore, and maintain a senior role in the technology, media and telecom business, memo says. The appointment follows the resignation earlier this month of Naysmith, who will join Citigroup Inc. as vice chairman of banking, capital markets and advisory for
Goldman is trying to boost its coverage in the region after going through a tumultuous time over its involvement in the 1MBD investment fund scandal that cost it a record foreign bribery penalty in the U.S. last year. The firm ranked third in advising on mergers and acquisitions this year in Southeast Asia, up from eighth in the same period last year, data complied by Bloomberg shows.
Tai joined Goldman Sachs in New York in 2007 and was named managing director in 2019.
✨CIBC HIRES FORMER INDUSTRY MINISTER AS VICE CHAIR OF GLOBAL INVESTMENT BANKING✨
Canadian Imperial Bank of Commerce hired Navdeep Bains, formerly the country’s minister for innovation, science and industry, as a vice chair for global investment banking.
Bains joins the bank on Oct. 4, Toronto-based CIBC said in a statement Monday. Bains, 44, served as Prime Minister Justin Trudeau’s industry minister from 2015 until the start of this year, when he announced he was stepping down to spend more time with his family after almost 17 years in politics.
Bains was first elected in a key Toronto suburb in 2004 and represented it until 2011, when the Liberals suffered their worst-ever electoral defeat. He won the district back in 2015, when Trudeau took the party from third place to power, and became Trudeau’s lead minister on issues like telecommunications and foreign takeovers, including the 2018 decision to block a Chinese bid for construction giant Aecon Group Inc.
“Our clients in the innovation and technology sectors are seeking to expand their opportunities in a rapidly changing environment, and Navdeep’s experience will enhance the perspective and advice we can offer,” Roman Dubczak, CIBC’s head of global investment banking, said in the statement.
Bains will join former Conservative Party lawmaker Lisa Raitt in CIBC’s investment banking operations. The bank hired Raitt, who served in the cabinet of former Prime Minister Stephen Harper, in January 2020 after she was defeated in an election the previous year.
✨STONE-X HIRES NEW STRUCTURED PRODUCTS HEAD FROM BANK OF AMERICA✨
StoneX Group’s fixed income division has appointed a new managing director, head of structured credit banking products, as it looks to strengthen its structured credit business.
Mary Stone will take on the role, bringing two decades of experience to StoneX, having led banking teams and structuring loan strategies at various top industry names.
Most recently, Stone served as managing director of global mortgages and securitised products at Merrill Lynch, part of Bank of America, where she oversaw the business unit responsible for residential mortgage transactions.
Prior to that, Stone held various positions at ICP Capital, Morgan Stanley, Lehman Brothers, and PricewaterhouseCoopers.
In her new position at StoneX, Stone will manage a team focused on structured credit banking products with plans to introduce new offerings including collateralised loan obligations, syndicated loans and other structured credit banking products.
“Mary’s wealth of institutional experience from her time at Bank of America and other top-tier institutions, will undoubtedly make her an invaluable asset to our firm,” said Anthony Di Ciollo, Head of the Fixed income division at StoneX.
“We look forward to welcoming her to StoneX as she spearheads the development of our new Structured Credit Banking team. We are excited to continue to build on the growth of Fixed Division by giving our clients access to additional product lines.”
Stone’s appointment follows that of Stephen Guihan, who joined StoneX’s outsourced trading team last month. Guihan joined StoneX after most recently serving as an execution trader for Mistell Management for close to three years.
✨NEW DATA FINDS HUGE DISPARITY IN GENDER PAY ACROSS U.K. BANKS✨
New data on the gender pay gap in British investment banking is due next week — and the numbers so far aren’t looking good.
A sample of 10 large banks that have already reported ahead of an Oct. 5 deadline show an average 44.5 per cent difference between male and female hourly wages as of April 2020, compared to 45.2 per cent reported the previous year. That means women earned 56 pence for every pound that men earned when comparing their average hourly pay.
HSBC Bank Plc, the unit housing the lender’s U.K. investment banking operations, posted the largest divide at 54.4 per cent — an improvement of 0.7 percentage points on the previous year. While most of the 10 banks reported a smaller gap than in their last report, the progress in recent years hasn’t been swift.
Using median figures rather than the average — an approach that strips out the impact of the highest earners — does narrow the gender pay gap slightly. Under that approach, female workers across the 10 lenders face an hourly pay shortfall of 35 per cent as of April 2020, down from 37 per cent a year earlier.
None of the 10 banks Bloomberg News examined reported that women made up more than a fifth of their top-earning quartile.
The picture is complicated by some companies reporting separate data for subsidiaries. JPMorgan Securities Plc, for example, has 13.1 per cent women in the top pay bracket, compared to 30.6 per cent in JPMorgan Europe Limited.
The divide also improves somewhat when retail banking and other operations are included, such as at HSBC UK Bank, which reported a mean gap of 32.9 per cent — showing that parity nevertheless remains a long way off.
✨ BTIG ADDED SENIOR HEADS TO THEIR FIXED INCOME TEAM✨
BTIG announced today that Peter Mullahey and Rob Williams have joined the firm’s Fixed Income Credit unit as Managing Directors and senior investment grade sales and trading specialists. BTIG continues to expand its Fixed Income Credit platform, and now employs more than 40 experienced credit professionals in the U.S. and London.
BTIG’s Investment Grade professionals specialize in secondary trading for the firm’s global client base. Mr. Mullahey will focus on investment grade sales and business development, while Mr. Williams will serve in a hybrid investment grade sales and trading role. They join Richard Roche, a Managing Director within BTIG’s Fixed Income Credit division, who the firm hired earlier this year to build out the investment grade product offering. In their new roles with the firm, Mr. Mullahey and Mr. Williams will report into Darren Haines and Michael Carley, Sr., Co-Heads of Fixed Income Credit, at BTIG.
“We are pleased to welcome Peter and Robert to BTIG,” commented Anton LeRoy, President of BTIG. “They are accomplished professionals with demonstrated expertise across sectors and maturities within the investment grade space. Peter and Robert are part of our continued investment in our credit sales and trading team, and we are confident that they will make an immediate impact on our ability to service clients and deliver valuable market commentary.”
Mr. Mullahey has more than 25 years of sell-side and buy-side industry experience across trading, as well as portfolio and product management.
Mr. Williams has nearly 25 years of investment grade corporate bond trading, distribution and debt capital markets experience.
“Peter and Robert are excellent additions to our Investment Grade unit,” noted Mr. Carley, Sr. “They both understand the market and are seasoned professionals with records of success for supporting the needs of clients. Following the momentum of the last year, largely driven by the expansion of our platform across sales, trading, sourcing and strategy, we believe they will be vital to our continued growth.”
✨JP MORGAN HIRE SENIOR TECHNOLOGY BANKER FROM BANK OF AMERICA✨
JPMorgan Chase & Co. has hired Alok Matapurkar from Bank of America Corp. to join its technology investment banking group.
Matapurkar, a managing director, will be based in New York and focus on advising companies in the technology services sector. He will report to Madhu Namburi, the head of the group, and work closely with Greg Mendelson, who leads East Coast tech banking and fintech.
Tech bankers have been in demand as deals in the space have been on a tear this year, spurred by strategics and private equity firms looking to spend their cash.
A spokeswoman for JPMorgan Chase confirmed the memo was accurate.
Matapurkar has advised on mergers and capital markets deals for companies including Wipro Ltd., Synnex Corp., DXC Technology Co. and TransUnion.
The bank also announced it had promoted Tim Carpenter in Boston and Matt Seiter in San Francisco to be co-heads of the enterprise and cloud sector.
The duo will work closely with bankers including Eric Prengel, Stephanie Ruiz, a former industrials banker who was hired from Credit Suisse Group AG, and Andrew Dahle, who rejoined from Bank of America earlier this year.
Prengel will also become head of West Coast technology investment banking, a role that involves recruiting and internal people development, the memo said.
The bank just lost Brian Truesdale, a Boston-based technology banker, to Citigroup Inc. earlier this month.
Mark Iantosca in New York will shift his focus from applied technology to enterprise and cloud. He had formerly been in the diversified industrials team, the memo said.
“We are fortunate to have such strong senior talent and the ability to provide expanded leadership opportunities,” Namburi said.
✨DEUTSCHE BANK HAVE HIRED A TOP HEALTHCARE BANKER FROM CITI✨
Deutsche Bank AG has hired Citigroup Inc. health-care investment banker Jorge Barreiro.
Barreiro was most recently a director at Citigroup. At Deutsche Bank, he’ll cover health-care information technology and be a managing director.
Deutsche Bank has been hiring to bulk up its coverage of health-care, one of the busiest sectors for M&A. It’s brought on about a dozen managing directors and directors including Spencer Watts who covers health-care facilities and clinical outsourcing as well as Priyanka Verma, who covers pharmaceutical services and diagnostics companies. Helen Oesch will also join in October to cover biotech and pharmaceutical companies.
Barreiro is the latest departure from Citi’s health-care investment banking group in recent months, following exits by Toby King, co-head of North America health-care investment banking, and managing directors Christopher Gartin, Robert Jackey, Ben Carpenter and Bradley Wolff among others.
Last year, King’s former co-head, Jennifer Fox, left for Nuvation Bio Inc. while Chris Hite, who had been Citi’s global head of the health-care group for 12 years, went to Royalty Pharma Plc.
In June, Citi said it would combine its global health-care and consumer and retail investment-banking businesses into a “super group” to help win more mandates in those sectors. It hired Goldman Sachs Group Inc. partner Chuck A. (Adams) to oversee the new global health-care, consumer and wellness group.
✨NOMURA ANNOUNCES NEW GLOBAL CO-HEAD OF INVESTMENT BANKING✨
Nomura Holdings announced the appointment of Jeff McDermott today, an industry veteran with extensive experience in the global corporate sector, as Senior Managing Director, Nomura Securities International and Global Co-Head of Investment Banking based in New York.
In an official announcement, Nomura mentioned that the appointment of McDermott will take effect from 1 October 2021. In his new role, McDermott will be responsible for the expansion of Nomura’s investment banking platform and the scaling of its US investment banking franchise.
McDermott is the Founder and Chairman of Nomura Greentech. Previously, he worked as the Joint Global Head of Investment Banking at UBS. McDermott has a BA in Economics and Political Science from the University of California, Berkeley and an MBA from The Anderson School at UCLA.
“In this new role, Jeff will lead our strategy to build Nomura’s US investment banking franchise and to grow our global investment banking platform, with a particular focus on the megatrends of sustainability and digital. These are areas in which we have already built a strong track record and where Jeff has many years of experience and expertise,” Steve Ashley, Head of Wholesale Division at Nomura, mentioned in the announcement.
✨GOLDMAN SACHS BRING IN SENIOR HIRES FROM BARCLAYS AND STANDARD BANK✨
Goldman Sachs is hiring new executives from rival firms Barclays and Standard Bank to bolster its SA team, cementing its bullish sentiment despite the country’s fragile economic prospects being hammered by pandemic-induced lockdowns.
Simon Denny, former head of Africa banking at Barclays, will join Goldman Sachs as MD and head of investment banking in SA in October.
Meanwhile, Zoya Sisulu, who was heading debt capital markets for Standard Bank, has already started in her position as head of Goldman’s financing group, the spokesperson said.
Goldman Sachs’s move runs contrary to the direction of other investment banks that have been downsizing or exiting the economy that has hardly grown in the past decade. It also comes as SA’s credentials as a friendly and safe emergency market have been dealt a blow by the looting frenzy and torching of commercial properties in KwaZulu-Natal and Gauteng in July.
✨BANK OF AMERICA NAMES NEW HEADS OF INVESTMENT BANKING✨
Bank of America Corp has named three bankers to head its global financial institutions investment banking business, according to a company memo seen by Reuters.
The three executives - William Addas, Gary Howe and Giorgio Cocini - each have over 20 years of experience in the sector, the memo said, adding that they would report to Thomas Sheehan, head of global investment banking.
Addas and Howe were most recently co-heads of Americas financial institutions investment banking, while Cocini was co-head of financial institutions investment banking for Europe, Middle East and Africa (EMEA), the memo said.
The Charlotte, North Carolina-based firm also named Arif Vohra chairman of its EMEA financial institutions investment banking.
✨INVESCO IN TALKS TO MERGE WITH STATE STREET ASSET MANAGEMENT ARM✨
Global investment firm Invesco is in talks to merge with State Street Corp's asset-management business, according to a report in the Wall Street Journal.
A deal isn't imminent, and the discussions might not result in an agreement, people familiar with the matter said.
It isn't clear what the terms of a potential deal would look like, but it would likely be one of the industry's biggest in recent memory, given State Street's asset-management unit manages nearly $4trn in assets as at 30 June 2021.
Reuters later cited a source familiar with the matter saying the discussions between both the companies were at an early stage.
The news follows State Street's deal announcement last week to buy investment bank Brown Brothers Harriman & Co's (BBH) investor services business for $3.5bn.
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