F&C Signs State Street to Provide Operations Outsourcing
State Street will provide investment manager operations outsourcing services for F&C Asset Management, it has been announced.
Along with the investment manager services for F&C and its subsidiary Thames River Capital, State Street will also provide outsourcing for custody, securities-lending and fund accounting among other areas on a global scale.
The deal is for F&C's £106 billion under management, and as a direct result, 102 employees of F&C in London and Edinburgh will transfer to State Street. International Financial Data Services, a joint venture between the company and DST systems, will handle the transfer agency aspects of the deal.
"As one of the first providers to offer investment manager operations outsourcing services, State Street has a decade of experience in servicing some of the most complex and global clients," says Joe Antonellis, vice chairman of State Street. "In the period of rapid expansion within the global markets over the past decade, many investment managers' legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies."
Alain Grisay, F&C's chief executive adds: "This agreement will improve operational efficiency and is a major step forward in introducing long-term flexibility in our cost base which will benefit both our clients and shareholders."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
This Week: HKEx's new derivatives platform; GoldenSource; Quonian-SimCorp, and more
A summary of some of the latest financial technology news.
Chris Edmonds takes the reins at ICE Fixed Income and Data Services
Edmonds is now leading ICE’s fixed income and data business as the rush to provide better data and analytics in fixed income builds.
Systematic tools gain favor in fixed income
Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.
Waters Wrap: Examining the changing EMS landscape
After LSEG’s decision to sunset Redi, Anthony examines what might lie ahead for the EMS space.
This Week: Clear Street, AXA/AWS, TD Bank/Google Cloud and more
A summary of the latest financial technology news.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs