Investec AM Extends Outsourcing Agreement with State Street Until 2022

State Street has extended its outsourcing relationship with Investec Asset Management (Investec AM) for another seven years.

The agreement will see State Street provide full middle-office and fund accounting services for Investec AM across the U.K., U.S. and South Africa until 2022.

“State Street has always worked with us as a partner and understands the constant evolving needs of our business and the industry. We were keen to continue our relationship to ensure State Street’s excellent support,” says Kim McFarland, chief operating officer, Investec AM.

In this changing regulatory environment, asset managers are facing new challenges where they have to alter their business to become smarter and more agile to new demands.

Outsourcing administrative functions and regulatory reporting to specialist providers has become a key part of this business model.

“There is a new battleground for today’s asset managers,” adds John Campbell, head of global services for U.K., Middle East and Africa, State Street. “Our recent research revealed that more than three quarters of asset managers are embarking on a fundamental shift in their business strategy in response to changing client demands.”

“We are very proud to have been able to support Investec Asset Management during their phenomenal growth over the past ten years and are delighted that they have chosen to continue our successful partnership.”

Recently, State Street has renewed several key outsourcing relationships. In December 2014 it announced it will continue its custody and fund administration mandate for Swiss & Global Asset Management. Furthermore last July, it renewed its contract with REST Industry Super, Australia’s largest super fund, for another two years.