State Street Launches Servicing Solution to Support Investment Operations for Small and Mid-Sized Asset Managers
September 17 2012 - 8:00AM
Business Wire
State Street Corporation (NYSE: STT) announced today a new
investment servicing solution to support small to mid-sized asset
managers with their investment operations needs. The new offering
is based on State Street’s successful outsourcing platform, which
supports many of the world’s leading asset managers.
“Asset managers are confronting a range of challenges from
heightened complexity as well as data and reporting needs, to
regulatory changes that put added pressure on their existing
platforms,” said Jeff Conway, executive vice president and global
head of State Street’s Investment Manager Services team.
A recent State Street survey of more than 160 boutique managers
globally, conducted by the Economist Intelligence Unit, revealed
concerns about their readiness for industry challenges. The survey
is highlighted in State Street’s latest Vision paper, “Empowering
Boutiques: The Rise of the Specialist Manager.”
According to the research, one-third of managers stated that
their operational and IT structure needed improvement, and 21
percent went so far as to say it could hamper their ability to
achieve their strategic goals over the next two years. Forty-two
percent of respondents see achieving sufficient scale with their
in-house systems as a major data management challenge, while 22
percent reported that their ability to capture and report
regulatory data needed improvement.
State Street’s new investment servicing solution, which is
available globally, includes transaction management,
record-keeping, corporate action processing, data management,
reconciliation, pricing and information delivery.
The service solution’s short implementation timeline — four to
six months — may lead to lower project cost and faster time to
market for investment managers. Maintenance of system
infrastructure and software is handled by State Street, and is
further optimized by its scalable servicing model.
Conway added, “We have a strong track record of providing
investment manager operations outsourcing services to support the
growth of asset managers and incrementally add value as their needs
evolve. Our industry-leading investment operations service aims to
provide small and mid-sized investment managers with a scalable,
lower risk, lower-cost technology option than building their own
system or buying software. We look forward to partnering with these
clients to support their growth over time.”
State Street is a market leader in investment manager operations
outsourcing, providing services for more than $8 trillion in
middle-office assets to clients globally with integrated solutions
supporting the entire investment cycle. Delegating operational
functions to an experienced outsource provider can free up
resources, allowing asset managers to stay focused on investment
objectives. State Street supports full-scale middle-office
functions, from trade matching and settlement through to
performance and client reporting.
For additional information on State Street’s survey of boutique
asset managers and Vision paper, “Empowering Boutiques: The Rise of
the Specialist Manager,” visit www.statestreet.com/vision.
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 $22.4 trillion in assets
under custody and administration and $1.9 trillion* in assets under
management at June 30, 2012, State Street operates in 29 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.
$66 billion as of June 30, 2012), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors, serves
as the distribution agent.
State Street Global Services is the investment servicing
business of State Street Corporation (NYSE: STT), one of the
world’s leading providers of financial services to institutional
investors.
CORP-0574
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