News Details

Builds on 40-Year Relationship to Provide Morgan Stanley Investment Management With Global Investment Services and New Product Solutions

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 Morgan Stanley Investment Management (MSIM) to provide investment manager operations outsourcing services for approximately $300 billion in assets.

Building on its 40-year relationship, State Street will provide MSIM with global outsourcing services including trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIM's assets under management. As a result of this mandate, State Street will assume approximately 100 employees globally from MSIM and will support MSIM's needs globally.

"We are very pleased to expand upon our long-standing partnership with State Street to ensure that MSIM remains well-positioned to deliver best-in-class investment operations and technology solutions to our investment teams and our clients," said Joanne Pace, chief operating officer of Morgan Stanley Investment Management. "State Street is a recognized global leader in investment operations outsourcing and we are confident that our organization and our clients will benefit from its leading technology systems, depth of resources and commitment to excellence in customer service."

"As one of the first providers to offer investment operations outsourcing services, State Street has a decade of experience in servicing some of the most complex and global books of business and we look forward to building on this success," said Jay Hooley, president and chief operating officer of State Street Corporation. "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 for four decades, Morgan Stanley continues to rely on State Street for an unwavering commitment to supporting their complex requirements and developing new product solutions for their needs."

As a market leader, State Street provides services for more than $6 trillion in middle office assets to clients globally and 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.

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 $17.9 trillion in assets under custody and administration and $1.7 trillion in assets under management at September 30, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street's website at www.statestreet.com.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $386 billion in assets under management or supervision as of September 30, 2009. By leveraging its global 'community of boutiques' structure and the strength of Morgan Stanley, MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

    Source: State Street Corporation