PRINCETON, N.J.--Reflecting a growing trend among larger buy-side institutions, Merrill Lynch Investment Managers (MLIM) has outsourced its US- and Canada-based fund accounting and daily pricing services to State Street.
Chief technology officer Sean Kelley says there were two reasons for the move. First, he says, "Fund accounting, while important to the business, is better aligned with a partner who has this activity as its core focus." Second were the economic attractions.
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