The 46-page list reveals SVB’s sprawling banking and financial advice empire stretched deep into custody services for an A-list group of professional investors.
The asset servicing arm of bankrupt Silicon Valley Bank provided custody services to at least 5949 private equity funds and hedge funds registered with the US regulator, the Securities and Exchange Commission, according to a data intelligence provider’s confidential findings.
To contain the fallout from the largest bank collapse since the 2008 financial crisis, US regulators took extraordinary steps to ensure all SVB depositors will have full access to their deposits immediately.
The assets will be secure under US laws, said Harvey Kalman, chairman of Melbourne Securities Corporation and former head of global funds services and managing director for the UK and Europe at Equity Trustees.“A custodial bank in Australia like State Street or BNP Paribas must have the assets completely segregated from other depositors, all banks will do this. The SVB assets would be independently segregated and verifiable,” he said.
The data was sourced by US intelligence group Castle Hill using a proprietary tool that allows it to track ADV registration forms submitted to the SEC by investment managers that employ key service providers such as administrators, auditors, and custodians.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The bank sell-off goes global, but Australia bucks the trendAustralian banks have been the big hold-outs amid a global sell-off in financial stocks as the SVB collapse has forced investors to query the strength of bank balance sheets, writes Karen Maley.
Read more »
Black Monday in the bond market points to pain aheadOPINION: The biggest fall in short-term bond yields since the 1987 crash is sending investors and central bankers a clear message about what’s to come after the SVB collapse.
Read more »
Afterpay is ‘working capital’ not credit, says Block CFOAmrita Ahuja urged policymakers not to regulate BNPL like credit cards as Block said it continued to “assess potential impacts” relating to the collapse of SVB.
Read more »
UK looks to limit SVB fallout with sale of local armBank of London said it had submitted a formal proposal to the UK arm of SVB, as well as sending it to authorities including the Treasury and the Bank of England.
Read more »
Macro guru says SVB’s problems started with the FedMichael Howell said SVB failed on interest rate risk, and it’s Washington who now controls the sharemarket’s PE multiple.
Read more »
Wall Street bankers gripped by SVB, brace for further painSilicon Valley Bank’s depositors should be protected, but bankers are wary of contagion if the US FDIC cannot find a buyer for SVB assets.
Read more »