Martin Currie appoints State Street to run middle- and back-offices
18 April 2011 | 3663 views | 0
Source: State Street
State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has been appointed by Martin Currie Investment Management Limited to provide a range of services for approximately £11 billion1 in assets.
State Street has provided Martin Currie with services including depositary and custody for the Martin Currie Open-Ended Investment Company (OEIC) since 1998. With its expanded relationship, State Street will provide fund accounting, custody and transfer agency services as well as middle office investment operations outsourcing services on a global basis for all funds managed by Martin Currie.
"We are very pleased to expand our long-standing relationship with State Street, as we set out to achieve further operational and cost efficiencies," said Willie Watt chief executive officer of Martin Currie Investment Management. "Our objective was to consolidate all of our administration with a single global provider, and State Street offered the most compelling service proposition together with a proven record of excellence to meet our requirements."
"We are delighted to have expanded our relationship with Martin Currie to include additional services for their global funds," said Joe Antonellis, vice chairman of State Street. "With the increase in new investment products spanning multiple jurisdictions, investment managers are increasingly turning to third party providers and we stand ready to help our clients improve efficiencies and reduce costs. With this agreement we continue to enhance our position as the market leader of investment operations outsourcing services."