Sumitomo Mitsui expanding in fund admin

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…