New York-based investment manager J&W Seligman & Co. is to expand an existing agreement with State Street to include outsourcing of operations support for its $25 billion in assets under management.
State Street currently provides fund accounting, fund administration and custody for Seligman's US-based and offshore investment companies and other collective investment products, totaling nearly $16 billion in assets.
The expanded agreement will include trade support and settlement, portfolio record keeping, custodian communications for settlements, and systems network and applications support, all provided through State Street's investment manager solutions (IMS) business. In addition, State Street will provide administrative support to Seligman's managed account program through its wealth manager services business.
State Street intends to offer positions to Seligman staff assigned to operations that are scheduled to be outsourced. Seligman will retain all functions that involve client service and contact.
John Clark, managing director and head of operations and systems for Seligman, says: "State Street's assumption of our operations can deliver efficiencies of scale and service that should provide our clients with faster processing, more robust reporting capabilities and global scale."