State Street to Provide Investment Operations Outsourcing Services to AllianceBernstein for More Than $300 billion in Assets
November 15 2011 - 8:29AM
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 global asset manager,
AllianceBernstein L.P., to provide investment operations
outsourcing services covering more than $300 billion in client
assets.
Building on its more than 30-year relationship with
AllianceBernstein, State Street will provide a range of services
including trade settlement, portfolio administration and
reconciliation, derivative operations, client reporting, and
performance measurement for AllianceBernstein’s institutional
accounts. As a result of this mandate, approximately 100 employees
will transition from AllianceBernstein to State Street to provide
global servicing support.
“Transferring these investment operations to State Street is a
critical element of our sourcing strategy to leverage the scale and
capabilities of leading service providers,” said Dick Taggart, head
of Global Operations, AllianceBernstein. “State Street continues to
demonstrate leadership in providing the operational services that
meet our current and future business needs. This expansion of our
existing relationship will further help AllianceBernstein increase
operating efficiency and reduce operational risk, while allowing us
to invest more time and energy in our expanding research and
advisory services.”
Jeff Conway, executive vice president and global head of State
Street’s Investment Manager Services business commented: “This
extension of our longstanding relationship with AllianceBernstein
speaks to our deep relationships with our clients and to our
ability to incrementally add value as their needs evolve. We are
very proud of our strong track record in providing investment
manager operations outsourcing services to support the growth of
the world’s leading asset managers.”
With approximately $8 trillion in assets under administration,
State Street is a proven leader in providing investment operations
outsourcing enabling clients to access scalable platforms and
strategic tools and insights that improve their services and
capabilities in the long-term, allowing them to focus on their core
competencies.
State Street’s relationship with AllianceBernstein and funds it
sponsors, dates back to 1978. Today, it spans many geographies,
product lines and services including hedge fund servicing, trustee
services, fund accounting, a variety of investment operations
services, and custody. In 2009, State Street and AllianceBernstein
completed a similar but smaller-scale arrangement in Japan whereby
State Street assumed responsibility for mutual fund accounting,
client reporting for Japanese institutional clients, and other
associated investment operations tasks.
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 $22 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 worldwide. For more
information, visit State Street’s website 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.
About AllianceBernstein
AllianceBernstein is a leading global investment management firm
that offers high-quality research and diversified investment
services to institutional investors, individuals and private
clients in major world markets.
At September 30, 2011, AllianceBernstein Holding L.P. owned
approximately 37.8 percent of the issued and outstanding
AllianceBernstein Units and AXA, one of the largest global
financial services organizations, owned an approximate 63.1 percent
economic interest in AllianceBernstein.
Additional information about AllianceBernstein may be found on
our internet site, www.alliancebernstein.com.
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