There is still a significant impact on investment returns for retail investors due to costs that are on average 40% higher than for institutional investors, Europe’s financial watchdog says.

Norwegian-based Storebrand Asset Management has selected Northern Trust as its asset servicing provider to its alternative investment funds and Ucits funds domiciled in Luxembourg.

BNY Mellon has hired a former senior product manager from a rival custody bank to work in a newly created relationship management role.