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 PineBridge Investments to provide
investment manager operations outsourcing services for $53 billion in
assets. State Street is a market leader in investment servicing,
providing services for more than $7 trillion in middle office assets to
clients globally with solutions covering all aspects of the trading
cycle.
PineBridge Investments is a global, multi-strategy asset manager and
investment adviser with US $87.8 billion in assets as of March 31, 2010.
State Street will provide PineBridge’s operations in New York, Dublin,
Hong Kong and Tokyo with global outsourcing services, including
transaction management, data management, investment recordkeeping,
performance support and reconciliation. State Street will also provide
fund accounting services for PineBridge in Japan.
“As PineBridge embarks on its journey as an independent firm, it is
vital that the business works with the leading players within the
sector,” said Orla Horn, PineBridge Managing Director and Global Head of
Investment Services. “State Street’s global expertise in investment
servicing, its proven technology capabilities and scale will provide
significant benefits to support our clients and our rapid business
expansion. We look forward to working with them in a true partnership
arrangement.”
“PineBridge already possesses a history of providing high quality client
service. We believe that they have an exciting future ahead and are
pleased to be working with them as they continue to grow and develop
their business,” said Jeff Conway, executive vice president and head of
investment manager operations servicing and new business integration at
State Street. “State Street continues to focus on building significant
global scale and infrastructure to our outsourcing platform to provide
our customers with unique and advanced solutions that best suit their
needs.”
This mandate from PineBridge underscores the continued momentum of State
Street’s investment manager operations outsourcing services. State
Street’s services help investment managers convert substantial fixed
operating costs to a variable cost model, eliminating manual processes
and ensuring data integrity.
About PineBridge Investments
PineBridge Investments manages assets for institutional and individual
clients across an extensive platform of listed equity, fixed income,
private equity and hedge capabilities. With more than 890 professionals
in 32 countries and jurisdictions, PineBridge Investments’ strong global
network captures local market knowledge and identifies potential
opportunities for the benefit of investors around the world. For
additional information on PineBridge Investments, visit www.pinebridge.com.
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 $19 trillion in assets under custody and administration
and $1.9 trillion in assets under management at March 31, 2010, State
Street operates in 25 countries and more than 100 geographic markets
worldwide. For more information, visit State Street at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
Alicia Curran Sweeney, + 1 617-664-3001