State Street Corporation, one of the worlds largest providers of financial services to institutional investors, has been appointed by Russell Investments to service its new Irish domiciled common contractual fund (CCF).
State Streets operation in Ireland will provide custody and fund administration services to the new Common Contractual US Equity Plus Fund, which is available to institutional investors.State Street will provide Russells with core services including custody, accounting, administration and transfer agency services. Today, close to 100 funds are serviced by the State Street team in Ireland for Russell Investments.
The CCF structure allows us to optimize returns for our clients, and compliments our existing range of Irish fund structures, says Jim Firn, general counsel, EMEA, Russell Investments. State Street’s proven ability to administer the complexity related to the transparent nature of the product positions us well to develop this product into new markets.”
Russell Investments is the largest global manager-of-managers and creator of the Russell indexes. Russell manages a total of $149.3B assets under management (AUM ) as of 30 September 2010, on behalf of individual and institutional investors in more than 46 countries.
Since its entry into the Irish market in 1996, State Street has grown to be one of the countrys largest fund administrators and custodians with $21.5 trillion in assets under custody and administration and $2.0 trillion in assets1 under management at December 31, 2010 State Street also provides fund management services to institutional and private investors and recently acquired Bank of Ireland Asset Management, further expanding its footprint in Ireland.