State Street has been appointed by global asset manager AllianceBernstein to provide investment operations outsourcing services for more than $300 billion in client assets. The mandate builds on State Street’s 30-year relationship with AllianceBernstein and will see the company providing a range of services including trade settlement, portfolio administration and reconciliation, derivative operations, client reporting, and performance measurement for AllianceBernsteins institutional accounts.
As a result of this mandate, approximately 100 employees will transition from AllianceBernstein to State Street to provide global servicing support. “Transferring these investment operations to State Street is a critical element of our sourcing strategy to leverage the scale and capabilities of leading service providers, said Dick Taggart, head of Global Operations, AllianceBernstein. State Street continues to demonstrate leadership in providing the operational services that meet our current and future business needs. This expansion of our existing relationship will further help AllianceBernstein increase operating efficiency and reduce operational risk, while allowing us to invest more time and energy in our expanding research and advisory services.
Jeff Conway, executive vice president and global head of State Streets Investment Manager Services business commented: This extension of our longstanding relationship with AllianceBernstein speaks to our deep relationships with our clients and to our ability to incrementally add value as their needs evolve. We are very proud of our strong track record in providing investment manager operations outsourcing services to support the growth of the worlds leading asset managers.
(JDC)