State Street and PIMCO Renew Investment Manager Services Outsourcing Relationship
October 24 2016 - 9:20AM
Business Wire
- Agreement Renews Historic 16-Year
Investment Manager Services Outsourcing Mandate
- Separate Agreement in Principle Reached
to Expand Fund Servicing Relationship with Additional $140 Billion
in Assets
State Street Corporation (NYSE: STT) announced today that it has
been reappointed by PIMCO to provide investment manager services
outsourcing in support of $1.55 trillion in assets under
management. The agreement renews a historic 16-year investment
manager services outsourcing relationship announced in 2000,
whereby State Street assumed PIMCO's back-office investment
operations in Newport Beach, California, including trade
processing, collateral management, pricing, and derivatives
processing.
Separately, State Street also has agreed in principle with PIMCO
to provide accounting, custody, fund administration and transfer
agency services for an additional $140 billion in assets under
management. These assets would be in addition to the $397 billion
of PIMCO-managed assets already similarly serviced by State Street
and are expected to include the full suite of back office services
for PIMCO’s Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda
Trusts and certain custody services for private equity and hedge
funds. This anticipated mandate remains subject to completion of
definitive agreements, any further approval of applicable funds’
boards or shareholders and customary regulatory approvals.
“As one of the first outsourcing deals in the industry, we are
very pleased to have worked together with PIMCO to support their
rapid growth for more than a decade,” said Dick Taggart, executive
vice president at State Street. “Our relationship with PIMCO has
formed the cornerstone of our investment manager services
outsourcing business.”
“State Street’s digital and integrated solutions for our middle-
and back-offices have been and will continue to be an important
part of our continued global success” said Peter Strelow, managing
director at PIMCO.
Andrew Erickson, executive vice president and head of State
Street Investment Servicing in the Americas, commented: “As we
continue our five-year technology transformation that will deliver
faster processing, intra-day views and updates, and one integrated
view of data across products and services, we are excited to team
with PIMCO to share these solutions.
About State StreetState 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 $28 trillion
in assets under custody and administration and $2 trillion* in
assets under management as of June 30, 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 $40 billion as
of June 30, 2016, for which State Street Global Markets, LLC, an
affiliate of SSGA, serves as the distribution agent.
Forward-Looking StatementsThis news release contains
forward-looking statements as defined by United States securities
laws, including statements relating to our plans to complete an
expansion of our investment servicing relationship with PIMCO with
a mandate for $140 billion in assets, which mandate is subject to
completion of definitive agreements, approval of applicable and
funds’ boards or shareholders and customary regulatory approvals.
Forward-looking statements are often, but not always, identified by
such forward-looking terminology as “anticipate,” “expect,” “plan,”
“will,” “intend,” “goal,” “forecast,” “outlook,” “believe,”
“estimate,” “seek,” “may,” “trend,” “target,” “strategy” and
“objective,” or similar statements or variations of such terms.
These statements are not guarantees of future performance, are
inherently uncertain, are based on current assumptions that are
difficult to predict and involve a number of risks and
uncertainties. Therefore, actual outcomes and results may differ
materially from what is expressed in those statements, and those
statements should not be relied upon as representing our
expectations or beliefs as of any date subsequent to the date of
this news release. Important factors that could cause actual
results to differ materially from those indicated by any
forward-looking statements are set forth in our 2015 Annual Report
on Form 10-K and our subsequent SEC filings. We encourage investors
to read these filings, particularly the sections on risk factors,
for additional information with respect to any forward-looking
statements and prior to making any investment decision. The
forward-looking statements contained in this news release speak
only as of the date hereof, and we do not undertake efforts to
revise those forward-looking statements to reflect events after
that date.
CORP-2322
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161024005802/en/
Anne McNally
617-664-8576
AEMcnally@StateStreet.com
@StateStreet
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