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- Global Custody Pro - 23 July 2025
Global Custody Pro - 23 July 2025
SS&C, Calastone, ASIC, Clearstream, Euroclear, stablecoins and more

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Welcome to Global Custody Pro. I'm Brennan McDonald, Managing Editor. I write about the global custody industry, having spent over 12 years in financial services, including working at a global custody bank. An AI voice reads the audio version of this newsletter. Have feedback? Just reply to this email or connect with us on LinkedIn.
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🌏 Global Custody News
Q2 2025 AuC/A US Leaderboard
BNY - $55.8 trillion (+ $2.70 trillion +5.08 % QoQ)
State Street - $49 trillion (+ $2.30 trillion +4.93 % QoQ)
JPMorganChase - $38 trillion (+ $2.30 trillion +6.44 % QoQ)
Citi - $28 trillion (+ $2.00 trillion +7.69 % QoQ)
Northern Trust - reports on 23 July, $16.9 trillion in Q1 2025
US Bancorp - $11 trillion (no change QoQ)

SS&C to acquire global funds network Calastone for £766m
Key Move: SS&C Technologies has entered a definitive agreement to acquire Calastone, the global funds network, from Carlyle for approximately £766 million. The transaction, subject to regulatory approvals, is expected to close in Q4 2025 and will result in over 250 Calastone staff joining SS&C.
The stated aim of the acquisition is to combine the capabilities of both firms to deliver a unified, real-time operating platform. This initiative aims to reduce costs, complexity, and operational risk for clients in the global fund ecosystem.
SS&C expects the acquisition to be accretive within 12 months of the closing date. The integration will enhance SS&C’s fund administration and transfer agency services by leveraging Calastone's network, which connects over 4,500 financial institutions across 57 markets.
ASIC Grants Clearstream Australian Settlement Licence
Driving the news: The Australian Securities and Investments Commission (ASIC) has granted Clearstream Banking S.A. (CBL) an Overseas Clearing and Settlement Facility Licence (CSFL) to operate in Australia, a move supported by the Reserve Bank of Australia (RBA). This decision formalises the regulatory oversight for CBL, which the RBA has classified in a detailed licensing assessment as an important securities settlement facility (SSF) in Australia.
The licence solidifies regulatory oversight for a key piece of market infrastructure. CBL provides a channel for overseas investors to access Australian dollar (AUD) denominated securities and holds in custody between 5-10 per cent of the AUD-denominated debt securities market. It connects to Australian markets via links to ASX Settlement and Austraclear and services 14 Australian participants.
The RBA has outlined future expectations for CBL, should a licence be granted. Regulatory priorities include enhancing AUD settlement arrangements as its Australian service grows and improving engagement with Australian stakeholders. The RBA expects that if CBL becomes systemically important in Australia, it will be required to hold an Exchange Settlement Account (ESA) to manage liquidity risk. Cyber risk has also been flagged as an area of supervisory focus.
Euroclear H1 2025: Underlying business income rises 8%
Why it matters: Euroclear reported a stable adjusted net profit of €598 million for H1 2025, supported by an 8% increase in underlying business income to €932 million, driven by higher safekeeping and settlement revenues amid a recovery in equity markets and issuance activity. This growth offset a 6% decrease in underlying interest and banking income. Assets under custody reached EUR41.5 trillion (USD 48 trillion).
The results demonstrate that the business is becoming "less reliant on interest income," according to Valérie Urbain, Chief Executive Officer, with core operational performance in settlement and safekeeping activities providing resilience. The acquisition of Inversis also began contributing to the company's profits.
Looking ahead, Euroclear is accelerating its strategy to support Europe's Savings and Investments Union (SIU) by leveraging its combined international and domestic CSD model. The firm is also deploying new technology, such as its AI-powered EuroClear EasyFocus tool, to support the industry's transition to T+1 settlement.
MUFG targets global investor services growth
Key Move: Mitsubishi UFJ Financial Group’s (MUFG) Asset Management & Investor Services (AM/IS) business is pursuing a global expansion strategy, underpinned by the May 2024 acquisition of MUFG Pension & Market Services (MPMS) and the integration of BlackRock's Aladdin platform to enhance its business process outsourcing (BPO) services.
The integration of the Aladdin platform is designed to create an efficient operating model with automatic data connections to asset management companies, replacing previous manual processes. The MPMS acquisition enables MUFG to achieve a leading market share in Australian pension administration and a substantial transfer agency business across Australia, the UK, and India.
The strategy is part of a broader objective to contribute to making Japan a leading asset management centre. Key performance indicators include an increased FY2026 target for Assets under Administration (AuA) to JPY 95 trillion, a JPY 25 trillion rise from the initial target.
Looking forward, MUFG aims to leverage the MPMS acquisition to create synergies by cross-selling to its global clients and reduce costs through operational integration. The firm is also considering the acquisition of a global asset management company to meet the diverse needs of its customers further.
GFMA appoints new Chair and CEO
Driving the news: The Global Financial Markets Association (GFMA) has appointed Olivier Osty of BNP Paribas as its new Chair and Peter Stein of ASIFMA as its new CEO. Patrick George of HSBC and Adam Vos of BNY Mellon have been appointed as Vice Chairs, with all appointments set to last for two years.
On the Radar: The new leadership team will focus on navigating "potential regulatory and policy shifts" in 2025. A key priority is engaging with policymakers to ensure regulation is consistent and coordinated across different jurisdictions.
What they're saying: "We are committed to harnessing the collective expertise of the world's leading financial market participants to drive sustainable growth and resilience in financial markets,” new Vice-Chairs Patrick George and Adam Vos said in a joint statement.
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🚀 Digital Asset News
Noumena Digital and 21X partner for EU tokenised securities
Key Move: Switzerland-based Noumena Digital is partnering with Germany's 21X to integrate its digital asset middleware with 21X's BaFin-licensed distributed ledger technology (DLT) trading and settlement system, aiming to accelerate institutional adoption of tokenised securities in Europe.
The partnership intends to provide financial institutions and asset managers with a compliant, integrated environment for tokenised assets. Noumena will supply banking-grade solutions to simplify institutional onboarding and integration with 21X’s regulated on-chain infrastructure.
Looking forward, Noumena will support onboarding for issuers and investors, while 21X will offer distribution and liquidity opportunities for Noumena's clients. This follows the May 2025 launch of 21X's primary market, with its secondary market scheduled to go live in the coming weeks.
McKinsey: Stablecoins Near 2025 Inflection Point

Source: McKinsey
Why it matters: According to a recently published McKinsey article, favourable regulation, maturing technology, and growing institutional experimentation are positioning 2025 as a potential inflection point for stablecoins, presenting an urgent challenge to incumbent global payment infrastructures.
A shift in which customers retain funds in stablecoins could have far-reaching consequences for the deposit funding and revenue models of financial institutions, directly affecting the demand for underlying reserves.
The analysis suggests financial institutions must now acquire digital asset talent, build technological capability, educate leadership, and engage with regulators to establish a market blueprint for participating in the stablecoin ecosystem.
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Brennan McDonald,
Managing Editor
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