State Street announced today that it has finalized the contract to complete the outsourcing of certain operations, system support functions and information technology at J. & W. Seligman & Co. Incorporated (Seligman), a New York-based investment manager and advisor. State Street will also provide services to Seligman’s managed account program.
As part of the outsourcing process, State Street will be migrating certain Seligman functions onto its new investment operations architecture and will retain Seligman operational support staff.
“Seligman’s decision to outsource these operations to State Street advances our leadership position as an operations outsourcing solutions provider of choice for global asset managers,” says Ronald Logue, president and chief operating officer of State Street Corporation.
State Street has had a relationship with Seligman for over 14 years, providing fund accounting, fund administration and custody for Seligman’s U.S.-based and offshore investment companies and other collective investment products. “In addition to outsourcing operations,” says State Street, “Seligman’s managed account clients will now have access to scalable, state-of-the-art technology and enhanced client reporting as part of this expanded relationship.”
John Clark, Managing Director and head of Operations and Systems for Seligman, adds: “This outsourcing arrangement will provide our clients with enhanced systems and processing support, more robust reporting and global capabilities, while maintaining the quality they expect from Seligman. It enables Seligman to focus solely on our core competencies, investment management and client service.”
J. & W. Seligman was founded in 1864. As well as providing management and advisory services to institutional clients, the firm provides a broad array of investments to individuals including the U.S.-based Seligman Group of Funds with more than 60 portfolios and a range of retirement services. Additionally, it manages Tri-Continental Corporation, the largest publicly traded, diversified, closed-end investment company in the United States, and two closed-end municipal bond funds, which are traded on the New York Stock Exchange. Seligman also manages a range of offshore investments available exclusively for non-US investors. Seligman has an additional office in Palo Alto, California and its affiliates have marketing offices in London, Hong Kong and Buenos Aires.