State Street and FundGuard Announce Strategic Partnership to Deliver Accounting Solutions for State Street Alpha
October 06 2022 - 9:30AM
Business Wire
State Street (NYSE:STT) announced today that FundGuard has been
selected to serve as a strategic accounting solution for State
Street Alpha. FundGuard is a highly scalable cloud-native
investment accounting, fund accounting, and contingency NAV
solution. The FundGuard accounting solution will be integrated for
straight through processing from portfolio management and trading
in the Charles River Investment Management Solution through to
custody and administration. A co-engineered technology-only
solution that spans front office and accounting capabilities will
also be natively available within the platform for Charles River
clients.
“FundGuard has created a leading next generation multi-book
accounting engine and we are excited to work with them as a
strategic partner within the Alpha platform to better serve our
clients,” said John Plansky, head of State Street Alpha.
“Accounting services are a fundamental pillar of Alpha, and
embedding FundGuard’s capabilities into our platform will provide
clients with the critical data they need to transact and better
understand the performance of their investments.”
State Street Alpha is the investment industry’s first modern
cloud-native platform that offers institutional investment and
wealth managers integrated functionality to support portfolio
management, compliance, trading, accounting, performance
measurement, fund administration and custody functions, underpinned
by a common data platform and enterprise data management.
“The selection of our firm by State Street marks a very exciting
moment for FundGuard,” said Lior Yogev, CEO and Co-Founder,
FundGuard. “Our technology has enabled clients to be more
operationally efficient and bring new and innovative products to
market faster. Integrating our investment accounting utility into
State Street Alpha presents us with a key opportunity to manage the
speed and volume of data and deliver the real-time insights clients
are looking for.”
FundGuard’s capabilities will ultimately be implemented by State
Street for its Alpha clients that offer mutual funds and ETFs,
alternatives, insurance, and pensions.
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 $38.2 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of June 30, 2022, State Street operates
globally in more than 100 geographic markets and employs
approximately 40,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of June 30, 2022 includes
approximately $66 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
About FundGuard
FundGuard is a next-generation SaaS platform for investment
management and administration, powered by AI. Their offering helps
asset managers and fund administrators to manage mutual funds,
ETFs, hedge funds, insurance products, and pension funds,
supporting digital transformation, operations automation, AI-based
insights, resiliency, and migration to the cloud. FundGuard is
backed by strategic partners including Citi and State Street,
venture firms Blumberg Capital, LionBird Ventures, and Team8
Capital among others, as well as industry executives Heidi Miller,
Jack Klinck, Jay Mandelbaum and others. Please visit
www.fundguard.com for more information.
© 2022 State Street Corporation - All Rights Reserved
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version on businesswire.com: https://www.businesswire.com/news/home/20221006005560/en/
State Street Brendan Paul Bpaul2@statestreet.com
+1.401.644.9182
FundGuard Erika Alter erika.alter@fundguard.com
+1.718.514.5783
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