State Street Corporation has been appointed by Putnam Investments and The Putnam Funds to provide servicing for USD169 billion in assets. State Street will provide custody, fund accounting, and investment manager operations outsourcing services in support of more than 450 retail, institutional, trust and offshore portfolios as Putnam consolidates its investment service providers. As a result of this mandate, approximately 250 Putnam employees joined State Street last month.
“We continue to see demand from our customers to outsource components of their business whether this is back, middle or front office, or a combination thereof,” says Jay Hooley, the vice chairman and head of global investment servicing and investment research and trading at State Street. “This mandate with Putnam is a testament to our ability to build on our customer relationships to provide additional solutions. The employees who joined State Street as a result of this mandate are part of an organization whose sole focus is providing investment servicing solutions for institutional investors.”
“Putnam has a long record of outstanding service, and so we are excited to expand our relationship with State Street — a company that shares that same value in taking care of investors,” adds Steven D. Krichmar, the senior managing director of Putnam. “Based on our history with State Street, we know that the Putnam employees who have joined them are becoming part of a world-class organization that is committed to excellence.”
State Street has provided custody services to Putnam since 2003.