State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, today announced the launch of its expense manager solution, a new service that helps collective fund providers lower the operational costs and risks associated with their fund expenses.
State Street's expense manager service provides an end-to-end solution designed to replace manual or partially automated processes in customers' fund operations. Integrated with State Street's global accounting system, the solution automates the accruals, budgeting and payment processing of expense management, providing mutual and collective fund companies with the scale, accuracy and flexibility needed to effectively manage their expenses.
"In the current economic environment, mutual and collective fund companies face a greater need to reduce fund expenses while retaining customer business and satisfaction," said Pat Centanni, executive vice president and head of global product management at State Street. "With our new expense manager solution, as well as our fund administration expertise, collective funds can fully outsource their expense administration processes which will provide broader functionality, scalability and accuracy - a competitive advantage in today's turbulent market place."
State Street's new offering is a part of its integrated Fund Administration suite which includes - Legal Support, Treasury, Financial Reporting, Tax Reporting, Compliance and Blue Sky - all designed to allow mutual fund providers to outsource more of their operations for greater scale, and reduced operational cost and risk.