ABN Amro outsources European investment ops to State Street

ABN Amro outsources European investment ops to State Street

ABN Amro Asset Management is outsourcing its fund administration and investment operations services in Europe to State Street.

Under the contract State Street will provide services for ABN Amro in the Netherlands, UK, Luxembourg and Sweden. The services will be phased in over a two-and-a-half year period commencing this summer.

As part of the mandate, State Street will expand its operations in Amsterdam with the establishment of a fund servicing centre. Approximately 110 ABN Amro staff will transfer to the centre.

State Street says the expansion of the Amsterdam operations, along with the new staff, will enhance its presence in the Netherlands market and strengthen its position as a provider of investment services across Europe.

Bert Schouws, COO/CFO, ABN AMRO Asset Management, says: "Outsourcing our fund administration and investment operations will enable us to support our business more effectively and to focus on the investment process. We will put in place a structure for future growth while reducing costs and removing operational risk from our balance sheet."

The assets under management within scope of this agreement are EUR75 billion. Custody services are not part of the arrangement and will remain with incumbent providers.

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