18 December 2017
visit www.aciworldwide.com

Pimco renews State Street outsourcing deal

24 October 2016  |  2820 views  |  0 Source: State Street

State Street Corporation (STT) announced today that it has been reappointed by PIMCO to provide investment manager services outsourcing in support of $1.55 trillion in assets under management.

The agreement renews a historic 16-year investment manager services outsourcing relationship announced in 2000, whereby State Street assumed PIMCO's back-office investment operations in Newport Beach, California, including trade processing, collateral management, pricing, and derivatives processing.

Separately, State Street also has agreed in principle with PIMCO to provide accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management. These assets would be in addition to the $397 billion of PIMCO-managed assets already similarly serviced by State Street and are expected to include the full suite of back office services for PIMCO’s Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds. This anticipated mandate remains subject to completion of definitive agreements, any further approval of applicable funds’ boards or shareholders and customary regulatory approvals.

“As one of the first outsourcing deals in the industry, we are very pleased to have worked together with PIMCO to support their rapid growth for more than a decade,” said Dick Taggart, executive vice president at State Street. “Our relationship with PIMCO has formed the cornerstone of our investment manager services outsourcing business.”

“State Street’s digital and integrated solutions for our middle- and back-offices have been and will continue to be an important part of our continued global success” said Peter Strelow, managing director at PIMCO.

Andrew Erickson, executive vice president and head of State Street Investment Servicing in the Americas, commented: “As we continue our five-year technology transformation that will deliver faster processing, intra-day views and updates, and one integrated view of data across products and services, we are excited to team with PIMCO to share these solutions.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.ebaday.comvisit www.atos.net

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11248 views comments | 3 tweets | 3 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
10184 views comments | 21 tweets | 23 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7777 views comments | 19 tweets | 22 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7444 views comments | 5 tweets | 11 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7403 views comments | 6 tweets | 26 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job