CUSTODY

Allianz extends deal with State Street for custody services

State Street will provide a full range of custody services for Allianz Global Investors.

By Paul Walsh paul.walsh@strategic-i.com January 25, 2017 5:03 PM GMT
State Street has been appointed by Allianz Global Investors to provide investment services for its €450 billion in assets under management.

The announcement comes shortly after news of that BlackRock’s had shifted $1 trillion of assets to JP Morgan for custody and fund administration services.

The Allianz agreement expands an existing relationship into a larger partnership.

State Street will provide middle and back office solutions including fund administration, depository and trustee services, global custody, transfer agency, share class hedging, and data consolidation services.

The mandate remains subject to approvals of applicable funds’ boards as well as customary regulatory approvals.

“We are delighted to expand our relationship with Allianz Global Investors and are looking forward to the next phase of this strategic partnership, which defines a new service model for leading asset managers,” said Jeff Conway, CEO for EMEA at State Street.

“State Street’s data consolidation and analytics capabilities are a cornerstone for creating a joint end to end operating model that will service AllianzGI across all asset classes and jurisdictions and support their future growth. This mandate demonstrates the value of a true partnership with our client.”