State Street announced today that it has been appointed to provide a full range of investor services to Credit Suisse Funds and ING Funds. State will supply the two fund families, which between them manage $26 billion in assets, with transfer agency, fund accounting, fund administration and custody services.
State Street was already custodian to the Credit Suisse Funds, which are managed by Credit Suisse Asset Management LLC in the United States (CSAM Americas), having assumed the role five years ago. State Street will now provide accounting and fund administration services to 50 funds with $8 billion in assets. “We are pleased to extend our relationship with State Street to include a full range of investor services solutions for our U.S. mutual fund products,” said Michael Pignataro, Chief Financial Officer of the Credit Suisse Funds. “State Street’s custodial, fund accounting, fund administration and transfer agency services will ultimately have a positive impact on the services we deliver to our shareholders.” In Europe, Credit Suisse continues to resist out-sourcing any fund administration functions.
The ING business is also American, and from an existing client, being the former Aetna Funds acquired by ING. State Street is providing custody and accounting services to 48 ING Funds with total assets of $18 billion. State Street already services 56 ING Funds (initially called the Pilgrim Funds) as a custodian – a relationship which goes back 20 years. Indeed, the consolidation of ING’s domestic fund accounting and custody services increases ING’s total assets under custody at State Street to approximately $29 billion. According to Michael Roland, Executive Vice President and Chief Financial Officer of ING Funds, “Consolidating our domestic custody and fund accounting under one roof makes perfect sense. With our long and fruitful history of working with State Street, they were a natural choice for this important role. Expanding our relationship will result in cross-functional efficiencies that can be passed on to our shareholders. State Street has been an important partner to us as we have grown our fund business over the years.”