Institutional investors' moves to run more portfolios in-house are also forcing service providers to adjust.
Mark Porter, global head of fund services at UBS, says regulation and tax compliance is eroding profits and forcing administrators to rethink their business aims.
After leaving BNY Mellon last year, the fund services veteran has resurfaced at RBC Investor Services, with Brent Reuter set to move to the US.
Asia funds veteran Stewart Aldcroft has left the Hong Kong asset manager to assume the post previously held by Chris Ryan at Citi.
Colin Lunn has left HSBC, reportedly to help UBS bring its European and US asset-servicing franchise to Asia.
Endre Markos joins from Bloomberg to take up the newly created role in Hong Kong.