Sumitomo Mitsui expanding in fund admin
Following its purchase of Daiwa Securities' hedge fund administration unit, Sumitomo Mitsui Trust Bank is building its fund servicing business into a global platform.
![Sumitomo Mitsui expanding in fund admin](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2Fjoost%20lobler%20-%20crop.jpg&c=1&h=677&q=100&v=20245901&w=1204)
Sumitomo Mitsui Trust Bank, Japan's biggest trust bank, is expanding operations in Hong Kong, New York and Luxembourg to build on its acquisition of Daiwa Securities’ hedge-fund administration and trustee business.
After completing the purchase in November, SMTB has taken over all Daiwa's clients, operations and around 200 employees and has high hopes for the new business, says Joost Lobler, head of sales for Asia ex-Japan.
The firm plans to expand its four-strong Hong Kong team…
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