State Street has been appointed by Morgan Stanley Investment Management (MSIM) to provide investment manager operations outsourcing services for approximately $300 billion in assets.
State Street will provide MSIM with global outsourcing services including trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIMs assets under management.
As a result of this mandate, State Street will assume approximately 100 employees globally from MSIM and will support MSIMs needs globally.
We are very pleased to expand upon our long-standing partnership with State Street to ensure that MSIM remains well-positioned to deliver best-in-class investment operations and technology solutions to our investment teams and our clients, said Joanne Pace, chief operating officer of Morgan Stanley Investment Management. State Street is a recognized global leader in investment operations outsourcing and we are confident that our organization and our clients will benefit from its leading technology systems, depth of resources and commitment to excellence in customer service.
As one of the first providers to offer investment operations outsourcing services, State Street has a decade of experience in servicing some of the most complex and global books of business and we look forward to building on this success, said Jay Hooley, president and chief operating officer of State Street Corporation. In the period of rapid expansion within the global markets over the past decade, many investment managers legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies. We are delighted that for four decades, Morgan Stanley continues to rely on State Street for an unwavering commitment to supporting their complex requirements and developing new product solutions for their needs.