Charles Schwab announced that it replaced BBH with Citi on mutual funds and annuity portfolios with asset totaling more than $100 billion. This announcement comes during a time of change for BBH as it works out details of the $3.5 billion State Street deal. As this deal plays out, some wonder how the two businesses will work together. Citisoft COO Tom Secaur discusses BBH's longstanding value proposition: “BBH has had a white glove service reputation and has done well with custody, handling certain geographic jurisdictions really well."
For more on Schwab announcement and the BBH and State Street deal, read the full article here.