Pimco, the Newport Beach, Calif.-based asset manager, announced its renewal of investment manager services outsourcing from State Street Corporation for its $1.55 trillion in assets under management.
State Street will run the firm's back-office operations, including trade processing, collateral management, pricing and derivatives processing.
The firms have also agreed in principle on a deal that will have State Street offer accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management. State Street already services $397 billion of Pimco-managed assets in a similar fashion.
"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, in a statement.
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