State Street (STT) Announces Renewal of Investment Manager Services Outsourcing Agreement with PIMCO
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
State Street Corporation (NYSE: STT) announced today that it has been reappointed by PIMCO to provide investment manager services outsourcing in support of $1.55 trillion in assets under management. The agreement renews a historic 16-year investment manager services outsourcing relationship announced in 2000, whereby State Street assumed PIMCO's back-office investment operations in Newport Beach, California, including trade processing, collateral management, pricing, and derivatives processing.
Separately, State Street also has agreed in principle with PIMCO to provide accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management. These assets would be in addition to the $397 billion of PIMCO-managed assets already similarly serviced by State Street and are expected to include the full suite of back office services for PIMCO’s Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds. This anticipated mandate remains subject to completion of definitive agreements, any further approval of applicable funds’ boards or shareholders and customary regulatory approvals.
“As one of the first outsourcing deals in the industry, we are very pleased to have worked together with PIMCO to support their rapid growth for more than a decade,” said Dick Taggart, executive vice president at State Street. “Our relationship with PIMCO has formed the cornerstone of our investment manager services outsourcing business.”
“State Street’s digital and integrated solutions for our middle- and back-offices have been and will continue to be an important part of our continued global success” said Peter Strelow, managing director at PIMCO.
Andrew Erickson, executive vice president and head of State Street Investment Servicing in the Americas, commented: “As we continue our five-year technology transformation that will deliver faster processing, intra-day views and updates, and one integrated view of data across products and services, we are excited to team with PIMCO to share these solutions.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- State Street Global Advisors on 2017 Investment Outlook: Pivot To Find Growth amid Global Discord
- Cytokinetics (CYTK) Presents Data from VITALITY-ALS at International Symposium
- AstraZeneca (AZN) Says FDA Accepts First BLA for Durvalumab in Bladder Cancer with Priority Review
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesPacific Investment Management Company, LLC (PIMCO), Hedge Funds
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!