Investment Manager Selects State Street as Independent
Administrator for Real Estate Administration Services
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 selected by LaSalle Investment Management, to
provide fund administration services for approximately $2 billion in
assets on behalf of the LaSalle Property Fund, L.P.
State Street will provide administration and transfer agency services
for LaSalle Property Fund L.P., managed by LaSalle Investment Management.
“The specialized knowledge and capabilities offered by State Street were
paramount in our decision to appoint them as our third-party service
provider,” said Allan Marques, chief financial officer of LaSalle
Property Fund L.P. “State Street brings significant experience in
servicing private equity funds which makes us very confident in its
ability to accommodate the needs of our fund.”
“We are pleased to partner with LaSalle Investment Management to meet
the needs of its expanding real estate portfolio,” said George Sullivan,
executive vice president for State Street’s Alternative Investment
Solutions group. “The diversity of our fund administration business
allows us to service the needs of funds that are increasingly using
private equity structures in their portfolios. Today’s fund managers
place tremendous value on transparency, cost efficiency and scalability
when evaluating independent fund administrators, and we look forward to
establishing this new relationship.”
With more than $625 billion in alternative assets under administration
as of September 30, 2010, State Street’s Alternative Investment
Solutions group provides a complete suite of fund accounting, fund
administration, corporate administration, risk and credit services to
institutional investors, hedge fund managers, private equity fund
managers and real estate fund managers. The team includes more than
3,000 employees worldwide.
With nearly 700 people in 16 countries worldwide, LaSalle Investment
Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL),
is a leading global real estate investment manager, with approximately
$40 billion of assets under management of private and public property
equity investments. LaSalle is active across a range of real estate
capital and operating markets including private and public, debt and
equity and our clients include public and private pension funds,
insurance companies, governments, endowments and private individuals
from across the globe. For more information, visit www.lasalle.com.
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors, including
investment management, investment research and trading and investment
servicing. With $20.2 trillion in assets under custody and
administration and $1.9 trillion in assets under management at September
30, 2010, State Street operates in 25 countries and more than 100
geographic markets worldwide. For more information, visit State Street’s
web site at www.statestreet.com.
Source: State Street Corporation
Contact:
Media Contact:
State Street Corporation
Carolyn Cichon,
+ 1 617 664 8672