The workflow that personnel in the custody and administration teams deal with and their role in providing operational support to investment funds is a constantly changing and challenging environment.

Over the years there has been, as has happened across the financial and other markets, a significant move into automated processes and at the same time growth in the globalization of activity in these markets.

There has been many developments that have seen more and more centralizing of the clearing and settlement process, for example, clearing houses for securities transactions, CLS Bank in foreign exchange and more recently the central clearing of over the counter (OTC) derivatives.

Most changes relate to the efficiency and risk management ...

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