A week after The Trust Company refused its buyout offer, Equity Trustees (EQT) has outsourced its custody and administration to State Street, according to the Financial Standard.
EQT’s move to acquire The Trust Company has affected its full year results and the company reported that the costs related to the proposal reached US$1.1 million.
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IOOF, another bidder for The Trust Company will be acquiring 13% of Equity Trustees shares.
The custody space has seen major movements recently with the rise of players such as Citigroup, BNP Paribas and State Street, which have made the custody market an increasingly competitive place to do business.
Recently, Royal Bank of Canada’s custody arm, RBC Investor and Treasury Services has confirmed that it will be closing its Melbourne operations and moving its Australian business to its Sydney headquarters.
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