State Street has renewed its longstanding investment services outsourcing relationship with one of the world’s largest bond fund managers.
Pacific Investment Company (PIMCO), a top 10 institutional asset manager, retained State Street to provide investment manager operations outsourcing services for $1.3 trillion in assets. This represents a renewal of one of the first and largest investment manager operations outsourcing relationships of its kind in the industry.
State Street’s relationship with PIMCO began over a decade ago and initially included the provision of investment services including custody, accounting and valuation. In 2000, State Street assumed PIMCO’s investment operations in Newport Beach, California, including trade processing, custody, accounting, collateral management, pricing, derivatives processing and IT development. Today, State Street has more than 700 employees worldwide servicing PIMCO’s investment operations.
Jeff Conway, executive vice president and global head of State Street’s investment manager services, said: “We are very pleased to have supported PIMCO’s rapid growth for more than a decade, and we look forward to continuing our partnership with them. When we assumed PIMCO’s investment operations capabilities in 2000, it became the cornerstone of our investment manager operations servicing business. Since then, State Street has worked alongside PIMCO to help support its ongoing expansion into new geographies; and during the course of our relationship PIMCO’s assets have grown to $1.3 trillion. This renewal is a strong endorsement of our continued investment in technology solutions for global asset managers.”
(JDC)