State Street has been appointed as administrator and custodian for Aon Asset Management’s new umbrella fund, which launched in March this year. This is the first such structure to be launched following the establishment of the asset management arm of Aon in the UK in 2002. The fund currently has UK?300m in assets.
State Street in Dublin was appointed to administer the Irish-domiciled fund, which has a range of sub-funds, each with multiple managers. The funds will be multi-manager, multi- currency and multi-share class. The bank says the mandate reflects its enlarged presence in the Irish capital, following the acquisition of Deutsche Bank Global Securities Services (GSS).
“This is a major win for us as it demonstrates State Street’s innovation in developing the capabilities to service the highly complex and growing umbrella fund market segment,” says William Slattery, head of State Street’s investor services business in Ireland. ” Aon is an internationally recognised institution, and we look forward to developing a long-term working relationship with them.
Tommy Garvey, head of institutional business at Aon Asset Management added: “We are delighted to have secured an organisation of the calibre of State Street to provide the business critical custody and administration services for our fund.”
State Street has had a presence in Ireland since 1990 and today has over 600 employees based in Dublin and Kilkenny.