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MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group, has selected the EquiLend Spire’s securities finance system as its core global platform to expand its front, middle and back-office securities lending systems.
EquiLend Spire is the product of a partnership between EquiLend and Stonewain Systems
and offers a modular and scalable securities finance solution for compliance, reporting, risk analysis, accounting, positions and trading.
MUFG Investor Services says it chose EquiLend Spire as its global platform as part of its “ongoing commitment to innovation by complementing cutting edge in-house technology with leading industry systems into front, middle and back-office offerings for clients”.
The deal marks a major step forward for the bank’s Global Securities Lending Solutions Group as part of its new mission to create a world-beating securities lending programme that will make MUFG the first Japanese banking group to become a global market leader.
The project began with the appointment of Tim Smollen from Deutsche Bank who assumed the new position of global head of global securities lending in January and brought in several old Deutsche colleagues to assist in upgrading MUFG’s 20-year-old programme.
“EquiLend Spire is an industry-leading platform that will allow MUFG Investor Services to accelerate our workflows, improve risk management, make faster trades and streamline our operational efficiency,” says Smollen.
Further announcements on new technology solutions are set to follow, Smollen confirms, all of which are aimed at improving MUFG’s securities lending programme’s effectiveness and automation and give its clients “a distinct competitive advantage in the global marketplace”.
John Sergides, CEO of MUFG Investor Services, adds: “Even with all the uncertainty in the market brought on by unforeseen factors, we are continuing to invest in our people, strategy and technology.”
“Our commitment to our employees and to our clients go hand-in-hand, and this is one of several major new core product initiatives this year including foreign exchange overlay, cash management and private debt.”
