Fundsmith, the fund management company established in the UK last year, has appointed State Street Corporation to provide fund administration, shareholder services, and custody for its new SICAV UCITS IV feeder fund in Luxembourg.
State Street has provided the Fundsmith Equity Fund OEIC with custody, fund accounting, depository and portfolio trade execution solutions since its launch in the UK in November 2010.
Simon Godwin, CFO, Fundsmith said, Given the novelty of the SICAV feeder fund structure, the ability of our partner to address our needs and support the feeder structure was important and State Street gave us that. Further, by extending, our relationship we have gained the benefits of significant operational and cost efficiencies.
(JDC)