State Street Appointed by Deka Bank & Allianz Global Investors to Provide Range of Investment Services for €500 Billion in ...
May 09 2016 - 7:25AM
Business Wire
Appointment Strengthens State Street’s Fund Administration
Business in Europe
State Street Corporation (NYSE: STT) announced today it has been
appointed by Allianz Global Investors GmbH and DekaBank Deutsche
Girozentrale to provide a wide range of investment services for
more than EUR 500 billion in assets.
As part of the appointment, State Street will provide fund
accounting, fund administration, data management, reporting, fund
year-end and tax support services. The services were previously
performed by Dealis Fund Operations, a joint venture of DekaBank
and Allianz Global Investors. State Street will assume the
technology infrastructure of Dealis Fund Operations as well as
approximately 350 employees who are expected to join State
Street.
Jeff Conway, chief executive officer of State Street in Europe
Middle East and Africa (EMEA) said, “We are delighted to strengthen
our relationship with Allianz Global Investors and look forward to
starting a new one with DekaBank. This appointment builds on our
position as a leading service provider for fund administration and
reflects State Street’s strong commitment to Germany as one of our
key markets in Europe. With an expanded technology infrastructure,
our clients will benefit from an enhanced product offering and
end-to-end technology platform.”
“We also look forward to welcoming the employees who will join
State Street in Germany and Luxembourg. This new appointment
continues to demonstrate that our established footprint in Europe
provides a good foundation for future client opportunities,”
continued Conway.
Michael Hartmann, chairman of the shareholders' committee of
Dealis and Head of Operations Europe at Allianz Global Investors,
added, “More than seven years ago Dealis was founded by Allianz
Global Investors and DekaBank in order to establish a
state-of-the-art provider for comprehensive fund administration
services. This goal has been achieved. Now we want to expand
Dealis’ business model and to create new perspectives. An excellent
starting point to achieve those goals can be provided by a strong
partner whose core competences are also fund administration
services and who additionally offers a broad range of services in
the custody of securities. With State Street, we have found this
strong partner to create new perspectives for the service delivery
in Germany.”
Daniel Kapffer, member of the shareholders' committee of Dealis,
as well as COO Asset Management at DekaBank said, “Through the
involvement of a globally integrated and leading service provider
for fund administration we can successfully establish a strategic
partnership offering added-value, also with regard to our savings
bank customers’ demand for quality. Moreover, due to economies of
scale regulatory and fiscal requirements can be achieved more
efficiently.”
Bernd Franke, CEO at Dealis, said, “With State Street, we have
found a strong partner who constitutes a great fit for our
business. Central KVG back office activities will be bundled into a
combined platform providing unique end-to-end service capabilities
and a strengthened product portfolio benefitting existing and
prospect clients.”
About State Street
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 $27 trillion in assets under
custody and administration and $2 trillion* in assets under
management as of March 31, 2016, State Street operates in more than
100 geographic markets worldwide, including the US, Canada, Europe,
the Middle East and Asia. For more information, visit State
Street’s website at www.statestreet.com.
* Assets under management include approximately $33 billion as
of March 31, 2016, for which State Street Global Markets, LLC, an
affiliate of SSGA, serves as the distribution agent.
About Allianz Global Investors
Allianz Global Investors is a diversified active investment
manager with a strong parent company and a culture of risk
management. With 25 offices in 18 countries, we provide global
investment and research capabilities with consultative local
delivery. We have more than EUR 442 billion in AUM for individuals,
families and institutions worldwide and employ over 550 investment
professionals.
At Allianz Global Investors, we follow a two-word philosophy:
Understand. Act. It describes how we look at the world and
how we behave. We aim to stand out as the investment partner our
clients trust by listening closely to understand their challenges,
then acting decisively to provide them with solutions that meet
their needs.
Data as at 31 December 2015.
About Deka
DekaBank is the Wertpapierhaus (securities services provider) of
the German savings banks. Together with its subsidiaries it forms
Deka Group, which has total customer assets of around EUR 240
billion (as at 31/12/2015) and around four million securities
accounts, making it one of the largest securities services
providers in Germany. It provides retail and institutional clients
access to a wide range of investment products and services.
DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and
tailors its portfolio of products and services to meet the
requirements of its shareholders and sales partners in the
securities business.
CORP-1955
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160509005764/en/
State Street CorporationNoreen Shah, +44
2033957073NShah@statestreet.com@StateStreetorAnne McNally,
+1617-664-8576AEMcNally@statestreet.com
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024