State Street Corporation has been appointed to provide a range of custody, accounting and fund administration services to Columbia Management’s Excelsior Funds, which have approximately $20 billion in assets.
With the new mandate, State Street now services a total of approximately $320 billion in assets for funds sponsored by Columbia Management, Bank of America’s asset management arm.
The new win expands upon State Street’s long-standing relationship with Columbia Management. In 2005, Columbia Management chose State Street to provide fund administrative services for $224 billion in assets.
“We are pleased to extend our relationship with State Street. It has consistently proven it can keep pace with our growth, quickly integrate additional products and offer us additional services,” says Christopher Wilson, head of mutual funds, Columbia Management.
“We have been servicing Bank of America’s fund complexes since December 2000 and have been successfully awarded new business as the organisation has grown its asset management arm over the years. This win is another example of how State Street continues to benefit from industry consolidation as we build upon our strong relationships with leading global organisations,” adds Jay Hooley, vice chairman and head of global investment servicing and investment research and trading, State Street.