International financial solutions provider Brown Brothers Harriman (BBH) has bagged a US$1bn global subcustodian mandate from rivals Northern Trust.
The brief covers the SEI Global Master Fund in Dublin - a series of manager-of-manager funds using more than 35 investment managers.
The fund has been distributed in South Africa and the UK. The mandate was tendered after the South African regulatory bodies were concerned that having SEI-Northern Trust as sub-custodians may present a conflict of interest.
SEI plans to launch two additional umbrella funds in July, covering the UK, Europe and Japan. These will also be handled by BBH.
BBH beat two undisclosed shortlisted global candidates.
SEI remains the overall custodian.
By Madhu Kalia
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