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Investec Asset Management today announced the conclusion of a landmark outsourcing transaction with State Street, the world’s leading provider of services to institutional investors. The deal sees Investec Asset Management outsourcing its institutional administration to State Street, who will provide investment operations, global custody and fund accounting services for $34 billion of Investec’s worldwide assets under management.
Hendrik du Toit, CEO of Investec Asset Management said: "This outsourcing arrangement allows Investec Asset Management to focus on its core business of managing clients’ assets. It also takes advantage of the growing trend in the fund management industry to outsource non-core functions."
He continued: "By leveraging State Street’s experience and technology platform, we will be able to direct more resources to developing innovative solutions to help our clients succeed. Our primary focus has always been to provide clients with excellence in terms of the core products we offer and first class investment performance and this deal will allow us to focus further on this."
The transaction sees approximately 66 staff members of Investec Asset Management transfer to State Street. The date for the transfer of staff to State Street and the contract of services to begin is 2 June.