State Street Corporation, provider of financial services to institutional investors, has been appointed to supply a wide range of middle office investment operations outsourcing services to Harvest Global Investments (“HGI”), a wholly-owned subsidiary of the third-largest fund manager in China – Harvest Fund Management Co. Ltd. (“Harvest”).
This mandate advances State Street’s growing business in China, marking the firm’s first direct service relationship for middle office investment operations outsourcing services with a Chinese fund manager. State Street will provide a full middle office outsourcing solution to HGI, including trade management, record-keeping, investment accounting, pricing and corporate actions, reconciliation, information delivery and customized client reporting by fund.
“This mandate is a milestone for State Street, and it demonstrates the value we deliver to clients by providing round-the-clock support in the locations where they need it,” said Elspeth Todd, head of State Street’s Investment Manager Services business in Asia-Pacific. “We’ve seen our business grow significantly in the region, and we are pleased to achieve our first mandate to provide these investment operations outsourcing services to a client headquartered in China.”
Sau Kwan, managing director and senior vice president of State Street in Hong Kong said, “We are delighted to be able to partner again with Harvest, with whom State Street has enjoyed a close relationship for 10 years. The China market is evolving rapidly and this new relationship shows that its leading fund managers turn to the world’s leading service providers to stay ahead.”
Beijing-based Harvest was founded in March 1999 as one of the ten first fund management institutions authorized by the China Government as part of its strategy to develop its financial market.
“State Street’s global approach to investment servicing makes us uniquely suited to service China’s growing funds market,” continued Todd.
D.C.