State Street secures European fund operations deal

State Street Corporation has been selected by Allianz Global Investors GmbH and DekaBank Deutsche Girozentrale to provide investment services for more than €500 billion in assets.

State Street will provide fund accounting, fund administration, data management, reporting, fund year-end and tax support services.

The services were previously performed by Dealis Fund Operations, a joint venture between the two asset management arms.

As a result of the agreement, approximately 350 employees from Dealis are expected to join State Street.

“More than seven years ago Dealis was founded by Allianz Global Investors and DekaBank in order to establish a state-of-the-art provider for comprehensive fund administration services,” said Michael Hartmann, head of operations Europe at Allianz Global Investors.

“Now we want to expand Dealis’ business model and to create new perspectives. An excellent starting point to achieve those goals can be provided by a strong partner whose core competences are also fund administration services and who additionally offers a broad range of services in the custody of securities.”