Evergreen Investments has outsourced to State Street a further range of services required by more than 2,500 portfolios worth $150 billion. The new services to be provided by State Street include trade matching and confirmation, data management, reconciliation, performance measurement and portfolio recordkeeping.
As a result of this mandate, approximately 60 Evergreen employees are transferring to State Street. State Street has provided Evergreen Investments with custody and accounting services since 1960.
“Evergreen’s decision is further evidence of the trend for investment managers to outsource investment operations activities to support the rapid introduction of sophisticated investment products,” says Jay Hooley, executive vice president and head of global investment servicing for State Street. “Having provided services to Evergreen for more than 45 years, we are pleased that they have chosen to further expand our mandate to provide full investment operations support. This successful history with Evergreen demonstrates the deep and trusted relationships we have with our customers.”
“Because they are a proven leader in investment manager operations outsourcing and have a history of serving other asset management clients, we are confident in State Street’s ability to provide us with the most comprehensive services and support in the business,” adds Doug Munn, chief operating officer, Evergreen Investments.
State Street now claims to be servicing $3 trillion in assets outsourced by fund managers.
Last year the bank secured renewal of its five year old outsourcing relationship with Scottish Widows Investment Partnership for a total of 13 years – the longest contract yet agreed in the industry. The two year old relationship with AXA Investment Managers was also expanded earlier this year to include the French insurer’s Luxembourg and Dublin-based funds.