State Street Corporation has expanded its investment servicing capabilities for the Swiss market and will now offer fund accounting services for Swiss domiciled funds.
State Street has acquired Deutsche Banks fund accounting operations in Switzerland, a Fondsleitung under Swiss law. As a result of the acquisition, State Street will provide fund accounting services for 16 investment funds and approximately CHF4.0 billion in assets. The deal is subject to standard regulatory approval.
Currently, fund accounting services for Swiss domiciled funds are predominantly handled in-house by many asset managers.
“Todays announcement is further evidence of the trend towards outsourcing fund accounting to global providers who have the local expertise and global product range to offer a full service solution to Swiss investors. This acquisition will provide us with a further opportunity to expand on our business here and cross-sell additional products and services to asset managers, pension funds and insurance companies.
“State Street has enjoyed a decade of success in Switzerland and todays announcement will not only expand our service offerings for the Swiss market, but also build our local capabilities here in the region,” says Stefan Gmr, executive vice president of State Streets investor services business in Germany, Austria, Italy and Switzerland.
State Street celebrates the 10th anniversary of its presence in Switzerland this year. It opened its office in Zurich in 1998 with five employees and today employs approximately 100 professionals from its State Street Financial Centre operation.