By Abhrajit Gangopadhyay
KUALA LUMPUR--Malaysian fund manager AmInvest Services Bhd has
signed a pact with State Street Corp. (STT) outsourcing its
investment operations and custody services to the New York
listed-company, the companies said in a joint statement Monday.
The deal will help AmInvest sharpen focus on its core business
of fund management.
AmInvest, an unit of AMMB Holdings (1015.KU) which managed about
32.8 billion ringgit ($10.8 billion) in assets as on March 31, will
outsource tasks including trade matching, investment accounting,
client reporting and investment analytics to State Street.
"This partnership with AmInvest reaffirms our commitment to
invest in the Malaysian market as well as expand our investment
manager operations outsourcing business across Asia," Nick Wright,
head of State Street's global services and global markets
businesses for Southeast Asia, said in the statement.
Write to Abhrajit Gangopadhyay at
abhrajit.gangopadhyay@dowjones.com
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