Appointment Strengthens State Street’s Fund Administration
Business in Europe
LONDON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today it has been
appointed by Allianz Global Investors GmbH and DekaBank Deutsche
Girozentrale to provide a wide range of investment services for more
than EUR 500 billion in assets.
As part of the appointment, State Street will provide fund accounting,
fund administration, data management, reporting, fund year-end and tax
support services. The services were previously performed by Dealis Fund
Operations, a joint venture of DekaBank and Allianz Global Investors.
State Street will assume the technology infrastructure of Dealis Fund
Operations as well as approximately 350 employees who are expected to
join State Street.
Jeff Conway, chief executive officer of State Street in Europe Middle
East and Africa (EMEA) said, “We are delighted to strengthen our
relationship with Allianz Global Investors and look forward to starting
a new one with DekaBank. This appointment builds on our position as a
leading service provider for fund administration and reflects State
Street’s strong commitment to Germany as one of our key markets in
Europe. With an expanded technology infrastructure, our clients will
benefit from an enhanced product offering and end-to-end technology
platform.”
“We also look forward to welcoming the employees who will join State
Street in Germany and Luxembourg. This new appointment continues to
demonstrate that our established footprint in Europe provides a good
foundation for future client opportunities,” continued Conway.
Michael Hartmann, chairman of the shareholders' committee of Dealis and
Head of Operations Europe at Allianz Global Investors, added, “More than
seven years ago Dealis was founded by Allianz Global Investors and
DekaBank in order to establish a state-of-the-art provider for
comprehensive fund administration services. This goal has been achieved.
Now we want to expand Dealis’ business model and to create new
perspectives. An excellent starting point to achieve those goals can be
provided by a strong partner whose core competences are also fund
administration services and who additionally offers a broad range of
services in the custody of securities. With State Street, we have found
this strong partner to create new perspectives for the service delivery
in Germany.”
Daniel Kapffer, member of the shareholders' committee of Dealis, as well
as COO Asset Management at DekaBank said, “Through the involvement of a
globally integrated and leading service provider for fund administration
we can successfully establish a strategic partnership offering
added-value, also with regard to our savings bank customers’ demand for
quality. Moreover, due to economies of scale regulatory and fiscal
requirements can be achieved more efficiently.”
Bernd Franke, CEO at Dealis, said, “With State Street, we have found a
strong partner who constitutes a great fit for our business. Central KVG
back office activities will be bundled into a combined platform
providing unique end-to-end service capabilities and a strengthened
product portfolio benefitting existing and prospect clients.”
About State Street
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 $27 trillion in assets under custody and administration
and $2 trillion* in assets under management as of March 31, 2016, State
Street operates in more than 100 geographic markets worldwide, including
the US, Canada, Europe, the Middle East and Asia. For more information,
visit State Street’s website at www.statestreet.com.
* Assets under management include approximately $33 billion as of
March 31, 2016, for which State Street Global Markets, LLC, an affiliate
of SSGA, serves as the distribution agent.
About Allianz Global Investors
Allianz Global Investors is a diversified active investment manager with
a strong parent company and a culture of risk management. With 25
offices in 18 countries, we provide global investment and research
capabilities with consultative local delivery. We have more than EUR 442
billion in AUM for individuals, families and institutions worldwide and
employ over 550 investment professionals.
At Allianz Global Investors, we follow a two-word philosophy: Understand.
Act. It describes how we look at the world and how we behave. We aim
to stand out as the investment partner our clients trust by listening
closely to understand their challenges, then acting decisively to
provide them with solutions that meet their needs.
Data as at 31 December 2015.
About Deka
DekaBank is the Wertpapierhaus (securities services provider) of the
German savings banks. Together with its subsidiaries it forms Deka
Group, which has total customer assets of around EUR 240 billion (as at
31/12/2015) and around four million securities accounts, making it one
of the largest securities services providers in Germany. It provides
retail and institutional clients access to a wide range of investment
products and services. DekaBank is firmly anchored in the
Sparkassen-Finanzgruppe and tailors its portfolio of products and
services to meet the requirements of its shareholders and sales partners
in the securities business.
CORP-1955
View source version on businesswire.com: http://www.businesswire.com/news/home/20160509005764/en/
State Street Corporation
Noreen Shah, +44 2033957073
NShah@statestreet.com
@StateStreet
or
Anne
McNally, +1617-664-8576
AEMcNally@statestreet.com
Source: State Street Corporation