Collaboration with global custodian bank Brown Brothers Harriman (BBH) may well have been a key to SEB’s onboarding of $63 billion in assets over the last two years. Ann Magnusson, SEB’s head of investor services, shares her view in a Global Custodian article.
“SEB and BBH have a clear partnership where BBH is providing the technology for the custody platform and SEB is the contracting partner to the client,” says Ann Magnusson in the Global Custodian article.
Following the success of the cooperation so far, SEB is now said to be considering a solution together with the US based global custodian also for illiquid alternatives.
Helping hand – at arm’s length
The article describes it as central that BBH is not itself pitching for direct business with Nordic custody clients. Ann Magnusson puts this in contrast with confused situations that have otherwise occurred in the industry when Nordic banks have partnered with global actors.
Ann Magnusson came back to SEB in early 2018, nine years after leaving the bank for Northern Trust. She gives the picture that SEB is now being invited to conversations it was not part of earlier.