State Street has been appointed by the Italian boutique firm, Ersel Asset Management to provide a range of investment services.
State Street currently provides depositary services for Ersel’s mutual funds and will now provide net asset value (NAV) calculation and transfer agency services for its entire fund range as well as middle-office services for its mutual and hedge funds.
Alberto Pettiti, chief operating officer and deputy general manager, Ersel Asset Management: “The process through which Ersel decided administrative outsourcing of activities was based primarily on the quality of the services provided, as observed in the processes of State Street, which is vital for any business that chooses to outsource parts of their operations.”
Riccardo Lamanna, senior vice president and head of State Street’s Global Services business in Italy, said: “We recognize that the increasing challenges facing boutique firms can distract them from their core business, so are continually working to provide complete back and middle-office solutions. This appointment is further indication of boutique investment managers’ confidence in our full service solutions.”