State Street Completes Integration of Morgan Stanley Real Estate Investing Fund Servicing Operations
February 27 2013 - 9:11AM
Business Wire
State Street Corporation (NYSE: STT) announced today the
successful integration of Morgan Stanley Real Estate Investing’s
fund servicing operations.
The integration, which began in February 2012, involved more
than 150 Morgan Stanley Real Estate Investing (MSREI) accounting,
operations and technical staff moving to State Street along with
proprietary real estate servicing technology. The move builds on a
40-year relationship between the two firms and expands State
Street's industry-leading alternative and real estate fund
servicing capabilities. State Street is providing comprehensive
accounting and administrative services to MSREI on a global basis
across MSREI’s full spectrum of investment vehicles with $36
billion in assets under management.
"State Street’s integration of our real estate fund servicing
operations has been seamless, and we have been very pleased with
their capabilities, technologies and commitment to customer
service," said Michael Levy, global chief financial officer and
chief operating officer of Morgan Stanley Real Estate Investing.
"State Street’s leadership in servicing alternative assets will
ensure that Morgan Stanley Real Estate Investing can stay focused
on delivering returns for investors."
George Sullivan, executive vice president and global head of
State Street’s Alternative Investment Solutions (AIS) group, said,
"Rising operational and technology costs, complex fund structures,
increased governance and transparency demands are just some of the
factors driving the need for a strong administration partner in
real estate fund management. Our integration of MSREI’s fund
servicing operations further strengthens State Street's ability to
service this growing asset class."
A recent survey of asset ownersi showed that more than 20
percent of respondents said they plan to increase their allocation
to private real estate over the next year, with the figure rising
to nearly one-third of respondents in the public defined benefit
space. Sullivan added, “Investors are seeking new sources of value,
and with this evolving trend towards private real estate
investments, we anticipate growth in the outsourcing of real estate
fund administration. Real estate investors can benefit from State
Street’s expert team and systems that are specialized for real
estate clients and which support investors’ long-term growth, cost
management and efficiency of operating models.”
Through dedicated teams globally, State Street's AIS group
provides a comprehensive suite of middle office, fund
administration, risk analytics and credit services to hedge funds,
private equity funds, real estate funds and institutional
investors. The AIS team has more than 3,000 employees in multiple
offices around the world, and manages approximately $1.1 trillion
in alternative assets (as of December 31, 2012).
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing (MSREI) is the global real
estate investment management arm of Morgan Stanley. Established in
the early 1990s, MSREI has been one of the most active real estate
investors for two decades, acquiring over $184 billion of assets in
36 countries. MSREI leverages the expertise, relationships and
franchise of Morgan Stanley with dedicated real estate investing
professionals located in 15 offices around the world providing
acquisition, finance and asset management services. MSREI manages
opportunistic and core investment strategies on behalf of its
clients, including some of the largest pension funds, sovereign
wealth funds and high net worth investors worldwide. For more
information about Morgan Stanley Real Estate Investing, please
visit www.morganstanley.com/realestate.
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 $24.4 trillion in assets
under custody and administration and $2.1 trillion in assets under
management at December 31, 2012, State Street operates in more than
100 geographic markets worldwide, including the U.S., Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s web site at www.statestreet.com.
This AUM includes the assets of the SPDR Gold Trust (approx.
$72.2 billion as of December 31, 2012), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors,
serves as the marketing agent.
1 State Street Vision, “The Asset Owners' Perspective: Evolving
Investment and Operational Models,” December 2012.
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