State Street Renews Mandate with PIMCO for $1.3 Trillion in Assets
November 03 2011 - 2:43PM
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 retained by Pacific Investment
Management Co. (PIMCO) to provide an array of investment manager
operations outsourcing services for $1.3 trillion in assets. This
represents a renewal of one of the first and largest investment
manager operations outsourcing relationships of its kind in the
industry.
State Street has provided a variety of investment services for
PIMCO over the last decade, which initially included custody,
accounting and valuation services. In 2000, State Street assumed
PIMCO’s investment operations in Newport Beach, California,
including trade processing, custody, accounting, collateral
management, pricing, derivatives processing and IT development.
Today, State Street has more than 700 employees worldwide servicing
PIMCO’s investment operations.
“We are very pleased to have supported PIMCO’s rapid growth for
more than a decade, and we look forward to continuing our
partnership with them,” said Jeff Conway, executive vice president
and global head of State Street’s investment manager services
business. “When we assumed PIMCO’s investment operations
capabilities in 2000, it became the cornerstone of our investment
manager operations servicing business. Since then, State Street has
worked alongside PIMCO to help support its ongoing expansion into
new geographies; and during the course of our relationship PIMCO’s
assets have grown to $1.3 trillion. This renewal is a strong
endorsement of our continued investment in technology solutions for
global asset managers.”
State Street has $8 trillion in middle-office assets under
administration, the most in the industry.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading provider of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $21.5 trillion in assets
under custody and administration and $1.9 trillion in assets under
management at September 30, 2011, State Street operates in 26
countries and more than 100 geographic markets. For more
information, visit State Street’s web site at
www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$64 billion as of September 30, 2011), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors
serves as the marketing agent.
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