State Street Corporation, one of the world’s leading providers of financial services to institutional investors, has been appointed by PineBridge Investments to provide investment manager operations outsourcing services for $53 billion in assets. State Street is a market leader in investment servicing, providing services for more than $7 trillion in middle office assets to clients globally with solutions covering all aspects of the trading cycle.
PineBridge Investments is a global, multi-strategy asset manager and investment adviser with US $87.8 billion in assets as of March 31, 2010. State Street will provide PineBridges operations in New York, Dublin, Hong Kong and Tokyo with global outsourcing services, including transaction management, data management, investment recordkeeping, performance support and reconciliation. State Street will also provide fund accounting services for PineBridge in Japan.
As PineBridge embarks on its journey as an independent firm, it is vital that the business works with the leading players within the sector, says Orla Horn, PineBridge Managing Director and Global Head of Investment Services. State Streets global expertise in investment servicing, its proven technology capabilities and scale will provide significant benefits to support our clients and our rapid business expansion. We look forward to working with them in a true partnership arrangement.
PineBridge already possesses a history of providing high quality client service. We believe that they have an exciting future ahead and are pleased to be working with them as they continue to grow and develop their business, says Jeff Conway, executive vice president and head of investment manager operations servicing and new business integration at State Street. State Street continues to focus on building significant global scale and infrastructure to our outsourcing platform to provide our customers with unique and advanced solutions that best suit their needs.
This mandate from PineBridge underscores the continued momentum of State Streets investment manager operations outsourcing services. State Streets services help investment managers convert substantial fixed operating costs to a variable cost model, eliminating manual processes and ensuring data integrity.
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