State Street said it has successfully integrated Morgan Stanley Real Estate Investings fund servicing operations.
The integration, which began in February 2012, involved more than 150 Morgan Stanley Real Estate Investing (MSREI) accounting, operations and technical staff moving to State Street along with proprietary real estate servicing technology. The move builds on a 40-year relationship between the two firms and expands State Street’s alternative and real estate fund servicing capabilities. State Street is providing comprehensive accounting and administrative services to MSREI on a global basis across MSREIs full spectrum of investment vehicles with $36 billion in assets under management.
“State Streets integration of our real estate fund servicing operations has been seamless, and we have been very pleased with their capabilities, technologies and commitment to customer service,” said Michael Levy, global chief financial officer and chief operating officer of Morgan Stanley Real Estate Investing. “State Streets leadership in servicing alternative assets will ensure that Morgan Stanley Real Estate Investing can stay focused on delivering returns for investors.”
George Sullivan, executive vice president and global head of State Streets Alternative Investment Solutions (AIS) group, said: “Rising operational and technology costs, complex fund structures, increased governance and transparency demands are just some of the factors driving the need for a strong administration partner in real estate fund management. Our integration of MSREIs fund servicing operations further strengthens State Street’s ability to service this growing asset class.
State Street’s AIS group provides middle office, fund administration, risk analytics and credit services to hedge funds, private equity funds, real estate funds and institutional investors.
(JDC)