PineBridge Investments Appoints State Street to Provide Investment Manager Operations Outsourcing Services for $53 Billion in...
May 04 2010 - 9:00AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors,
announced today that it 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 PineBridge’s 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,” said Orla Horn, PineBridge Managing Director and
Global Head of Investment Services. “State Street’s 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,” said 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 Street’s investment manager operations outsourcing
services. State Street’s services help investment managers convert
substantial fixed operating costs to a variable cost model,
eliminating manual processes and ensuring data integrity.
About PineBridge Investments
PineBridge Investments manages assets for institutional and
individual clients across an extensive platform of listed equity,
fixed income, private equity and hedge capabilities. With more than
890 professionals in 32 countries and jurisdictions, PineBridge
Investments’ strong global network captures local market knowledge
and identifies potential opportunities for the benefit of investors
around the world. For additional information on PineBridge
Investments, visit www.pinebridge.com.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management, and
investment research and trading. With $19 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at March 31, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street at www.statestreet.com.
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