State Street announced today that it has been appointed to provide fund accounting and administration services to over 11 billion of assets managed by Schroders in 64 UK-based mutual funds.
The mandate builds on an existing relationship with Schroders dating back to November 2002, when the troubled UK fund manager announced that it would outsource its retail fund administration to IFDS, the State Street and DST Systems joint venture. Schroders also utilizes Global Link, State Street’s trading network.
“Our decision to appoint State Street was the result of an extensive due diligence and reflects our appreciation of their commitment to the investor services business and their depth of experience in fund accounting and administration,” says Hugh Mullan, Global COO for Schroders Retail. “State Street’s fund accounting and fund administration capabilities, combined with their rigorous risk and compliance management services meet the high standards Schroders expects from its service partners.”
State Street says the enlarged mandate enhances its position as the “number one servicer of collective investment vehicles.” “We are delighted to broaden our relationship with Schroders,” says Jeff Conway, senior vice president of State Street. “This mandate demonstrates State Street’s ability to provide the level of flexibility and innovation that major global asset managers need to solve their increasingly complex asset servicing challenges.”
Schroders has previously out-sourced technology to CSC and fund management operations to JP Morgan Investor Services.