BOSTON--(BUSINESS WIRE)--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.”
Antonellis continued: “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.”
As a market leader, State Street provides services for more than $7.1 trillion in middle office assets to clients globally. Its investment manager operations outsourcing solution covers all aspects of the trading cycle. Trade matching and settlement through performance and client reporting functions are easily integrated into State Street’s full spectrum of accounting, custody and fund administration services. These services help investment managers convert substantial fixed operating costs to a variable cost model, eliminating manual processes and ensuring data integrity.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $22.6 trillion in assets under custody and administration and $2.1 trillion* in assets under management at March 31, 2011, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.
About F&C
F&C Asset Management (London Stock Exchange: FCAM) is a diversified investment management group which traces its origins to the launch of the Foreign & Colonial Investment Trust in 1868. While many asset managers are owned by financial services conglomerates, such as banks or insurance companies, F&C is an independent group. F&C is focused exclusively on managing money and its teams invest across all major asset classes – equities, fixed income and property – and a number of specialist areas including absolute return strategies, liability driven investments, sustainable investments and private equity funds. Today the group operates from offices in eleven countries and manages £106.1 billion of assets (as at 31/3/11) for a combination of insurance clients, institutional investors, wealth managers and private individuals which collectively represent in excess of 3 million underlying savers. The group includes F&C REIT, a global real-estate asset manager, and Thames River Capital, a boutique asset manager with strong expertise in absolute return and multi-manager funds. For more information, visit F&C’s website at www.fcamplc.com
*This AUM includes the assets of the SPDR Gold Trust (approx. $56 billion as of March 31, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.