State Street has been appointed to provide fund administration services for more than $750 million in assets for SVM Asset Management (SVM).
SVM, a privately owned, Edinburgh-based investment company, will consolidate its global custody, investment accounting, and trustee and depositary services with State Street. International Financial Data Services, State Street’s shareholder services joint venture with DST Systems, will provide record-keeping, transfer agency solutions, servicing of distributors and financial institutions, as well as the investor and adviser call centre for SVMs open- and closed-end funds in the UK.
“This decision will minimize our operational risk and help us to maximize economies of scale,” says Carolina Viola, head of legal and compliance at SVM. Viola added that State Street offered a one-stop solution that allows them to consolidate all investment activities into one service model.