Mandates of the Week: ClearBridge, Deutsche Bank and Citigroup

A change of sub-investment manager for Legg Mason, a Taiwan appointment for Deutsche Bank and a new hedge fund administration mandate for Citigroup lead this week’s round-up.

Asset management
• Legg Mason has named ClearBridge Investments as the new sub-investment manager of its Global Equity Fund, which is now called the Legg Mason ClearBridge Global Equity Fund. The new manager has $57.3bn in assets under discretionary management. ClearBridge replaces CBGCIM in the role.

Custody and fund administration
• Deutsche Bank has been appointed fund administrator by Manulife Asset Management Taiwan for two new bond funds. The funds are multi-currency share class and include offshore RMB. The manager is the first to offer these types of funds to retail investors onshore in Taiwan. Deutsche Bank’s Direct Securities Services business has about €1.5 trillion of assets under custody.

• Citi has been selected to provide hedge fund administration services to New York-based investment adviser NWI Management. The mandate covers private investment funds of over $3.1bn in assets. NWI manages over $4.2bn in assets for funds and accounts. Citi has over $482bn of alternative assets under administration.

• Private bank and ABN Amro subsidiary Neuflize OBC has outsourced its dealing desk to BNP Paribas Securities Services. BNP Paribas will provide dealing desk services for equities, exchange-traded funds, derivatives and bonds for institutional and private clients. The custodian’s dealing services allow clients to outsource dealing activities while ensuring they comply with regulatory requirements. The teams operate in Paris, London and Hong Kong, and have access to over 150 selected brokers across all asset classes.

• BNY Mellon, the world’s largest custodian, has been appointed depositary bank for UBIC’s American depositary receipt programme. An ADR is a financial instrument that is issued by a bank to represent a non-US firm’s publicly traded securities, which can then be traded on a US stock exchange. UBIC provides Asian-language electronic discovery services that support litigation, administrative proceedings and investigations.

• Caceis, a European provider of depository banks services, has been chosen as depot bank for the closed-end funds of fund manager LHI Leasing, to help comply with the Alternative Investment Fund Managers Directive. The two firms will establish the organisational framework to launch two real estate and renewable energy funds in the coming weeks under the rules, which have been enacted under the German Capital Investment Act.

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