State Street Appointed to Provide Fund Administration Services for LaSalle Investment Management’s Property Fund
October 26 2010 - 1:21PM
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 selected by LaSalle Investment
Management, to provide fund administration services for
approximately $2 billion in assets on behalf of the LaSalle
Property Fund, L.P.
State Street will provide administration and transfer agency
services for LaSalle Property Fund L.P., managed by LaSalle
Investment Management.
“The specialized knowledge and capabilities offered by State
Street were paramount in our decision to appoint them as our
third-party service provider,” said Allan Marques, chief financial
officer of LaSalle Property Fund L.P. “State Street brings
significant experience in servicing private equity funds which
makes us very confident in its ability to accommodate the needs of
our fund.”
“We are pleased to partner with LaSalle Investment Management to
meet the needs of its expanding real estate portfolio,” said George
Sullivan, executive vice president for State Street’s Alternative
Investment Solutions group. “The diversity of our fund
administration business allows us to service the needs of funds
that are increasingly using private equity structures in their
portfolios. Today’s fund managers place tremendous value on
transparency, cost efficiency and scalability when evaluating
independent fund administrators, and we look forward to
establishing this new relationship.”
With more than $625 billion in alternative assets under
administration as of September 30, 2010, State Street’s Alternative
Investment Solutions group provides a complete suite of fund
accounting, fund administration, corporate administration, risk and
credit services to institutional investors, hedge fund managers,
private equity fund managers and real estate fund managers. The
team includes more than 3,000 employees worldwide.
With nearly 700 people in 16 countries worldwide, LaSalle
Investment Management, Inc., a member of the Jones Lang LaSalle
group (NYSE: JLL), is a leading global real estate investment
manager, with approximately $40 billion of assets under management
of private and public property equity investments. LaSalle is
active across a range of real estate capital and operating markets
including private and public, debt and equity and our clients
include public and private pension funds, insurance companies,
governments, endowments and private individuals from across the
globe. For more information, visit www.lasalle.com.
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment management, investment research and trading
and investment servicing. With $20.2 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at September 30, 2010, State Street operates in 25
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
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