State Street Corporation, provider of financial services to institutional investors, announced today that it has been appointed to provide custody, fund accounting and fund administration services for approximately $18 billion in assets for the Baron Funds’ United States mutual funds.
“At Baron, we invest for the long-term and need a provider who can support our global growth,” says Ron Baron, chairman and chief executive officer of Baron Funds. “State Street was a good choice for us to consolidate our services.”
The industry has more than $10 trillion in assets under management, and last year grew by 15.5 percent. State Street services more than 40 percent of the mutual fund industry, and is the largest contributor of mutual fund NAVs to NASDAQ
“We are delighted to forge this new relationship with Baron,” says Alan Greene, executive vice president of State Street. “We are confident that our industry expertise will be essential components to helping Baron achieve their growth targets.”