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 F&C Asset Management (F&C) to provide investment manager operations outsourcing for some £106 billion in assets.
State Street will provide F&C, and its subsidiary Thames River Capital with services for their global operations which includes investment operations, custody, fund accounting, trustee, securities lending and transfer agency - the latter provided through IFDS, State Street's joint venture with DST systems. As a result of this mandate, 102 employees will transition to State Street from F&C in London and Edinburgh.
"We are delighted to have agreed a partnership with State Street to ensure that F&C remains well-positioned to deliver best-in-class investment operations and technology solutions to our investment teams and our clients," said Alain Grisay, Chief Executive of F&C. "This agreement will improve operational efficiency and is a major step forward in introducing long term flexibility in our cost base which will benefit both our clients and shareholders."
"State Street is a recognised global leader in investment manager operations outsourcing and we are confident that our organisation and our clients will benefit from our leading technology systems, depth of resources and commitment to excellence in client service," said Joe Antonellis, Vice Chairman of State Street.
"As one of the first providers to offer investment manager operations outsourcing services, State Street has a decade of experience in servicing some of the most complex and global clients."
"In the period of rapid expansion within the global markets over the past decade, many investment managers' legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies. We are delighted that F&C have chosen State Street to support their requirements."