State Street wins Baron Funds deal
State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has been appointed to provide custody, fund accounting and fund administration services for approximately $18 billion in assets for the Baron Funds' United States mutual funds.
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"At Baron, we invest for the long-term and need a provider who can support our global growth," said Ron Baron, chairman and chief executive officer of Baron Funds. "Given State Street's leadership in the US mutual fund business and its overall commitment to the industry, we felt it was the best provider who could support the growth of our business. State Street was a good choice for us to consolidate our services."
This mandate builds on State Street's position as a worldwide leader in providing investment servicing to the US mutual fund industry. The industry has more than $10 trillion in assets under management, and last year grew by 15.5 percent. State Street is also the leading provider of fund accounting in the United States, servicing more than 40 percent of the mutual fund industry, and is the largest contributor of mutual fund NAVs to NASDAQ.
"We are delighted to forge this new relationship with Baron," said Alan Greene, executive vice president of State Street. "More and more fund complexes seek providers who can offer a broad range of solutions on a global scale. We are confident that our industry expertise in the US mutual fund business and global network will be essential components to helping Baron achieve their growth targets."