Martin Currie Investment Management has appointed State Street, which has $21.5 trillion in assets under custody and administration and $2.0 trillion in assets under management as of Dec. 31, 2010, to provide fund accounting, custody and transfer agency services as well as middle-office investment operations outsourcing services on a global basis for all funds managed by Martin Currie.
State Street has provided Martin Currie with services including depositary and custody for the Martin Currie Open-Ended Investment Company (OEIC) since 1998.
“We are very pleased to expand our long-standing relationship with State Street, as we set out to achieve further operational and cost efficiencies,” says Willie Watt, CEO at Martin Currie Investment Management. “Our objective was to consolidate all of our administration with a single global provider, and State Street offered the most compelling service proposition together with a proven record of excellence to meet our requirements.”
Martin Currie is a specialist investment management business and manages 11.3 billion in active equity portfolios for a global client base of financial institutions, charities, foundations, endowments, pension funds, family offices, government agencies and investment funds. Martin Curries pooled funds include an Oeic, Sicav, offshore mutual funds and a range of absolute return funds.
“With the increase in new investment products spanning multiple jurisdictions, investment managers are increasingly turning to third party providers and we stand ready to help our clients improve efficiencies and reduce costs,” says Joe Antonellis, vice chairman of State Street. “With this agreement we continue to enhance our position as the market leader of investment operations outsourcing services.”