BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced it has entered into an alliance with Virtus from FIS to provide Collateralized Loan Obligation (CLO) and Collateralized Debt Obligation (CDO) technology management solutions to clients in the United States and Europe.
Through this alliance, State Street will leverage Virtus’ Business Process-as-a-Service solution to provide services jointly to CLO and CDO clients. Virtus will provide collateral administration services and State Street will provide trustee services, registrar services, transfer agent services, paying agent services, bank account services and custodian services.
“We are delighted to partner with Virtus on this exciting new opportunity that we think will deliver enhanced solutions and outcomes for our clients”, said Jen Tribush at State Street. “Virtus from FIS is a leading end-to-end technology and solutions provider which, when combined with our experience and established track-record providing services throughout the front, middle and back office, creates a compelling value proposition for clients in this space.”
“We welcome State Street to our growing family of financial institution partners as it takes the right steps to develop a powerful financial tool that will serve its asset managers in the U.S. and Europe,” said Martin Boyd, president of Capital Markets Solutions at FIS.
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 $31.86 trillion in assets under custody and/or administration and $2.69 trillion* in assets under management as of March 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management as of March 31, 2020 includes approximately $50 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).