State Street said it will provide fund administration and investment operations services for EUR 75 billion of assets for ABN AMRO Asset Management in Europe.
State Street will provide fund administration and investment operation services for ABN AMRO Asset Management in the Netherlands, the United Kingdom, Luxemburg and Sweden. The services will be phased in over a two and a half year period commencing this summer.
As part of the mandate, State Street will expand its operations in Amsterdam and develop a fund servicing center with approximately 110 ABN AMRO Asset Management staff there transferring to State Street, the companies said in their joint release.
Custody services are not part of this arrangement and will remain with incumbent providers.
“We are excited that we have reached this agreement with State Street. We wanted a provider of the highest quality and reliability. Outsourcing our fund administration and investment operations will enable us to support our business more effectively and to focus on the investment process,” said Bert Schouws, COO/CFO of ABN AMRO Asset Management. “We will put in place a structure for future growth while reducing costs and removing operational risk from our balance sheet.”
Jay Hooley, head of investment servicing worldwide for State Street said, “We are delighted to win this mandate from ABN AMRO Asset Management. The expansion of our Amsterdam operations, along with intellectual capital of the ABN AMRO Asset Management team, who join us with this mandate, will strengthen our position as the leading provider of investment operations services across Europe and enhance our presence and capabilities in the Netherlands – a strategic market for us.”