First State appoints State Street 21 April 2011London Reporter: Ben Wilkie
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State Street has been appointed to provide custody and fund administration services to First State Investments for £11 billion in assets.
Under the terms of the five-year contract, State Street will provide custody and fund pricing, accounting and financial reporting for First State Investments’ UK-domiciled Investment Company with Variable Capital (ICVC), which has 16 sub-funds. First State Investments forms part of Colonial First State Global Asset Management, the asset management division of the Commonwealth Bank of Australia.
Gary Withers, regional managing director for EMEA at First State Investments, commented: “After a full review of our fund accounting and custody arrangements, including a competitive selection process between potential service providers, we have appointed State Street as the new fund administrator and custodian for First State’s UK-domiciled fund business. We firmly believe the services they offer best match the future direction of our UK business.”
“We are very pleased to partner with First State Investments with this new appointment and look forward to serving their needs in the UK,” said Steve Smit, head of State Street’s global services business in the United Kingdom, Middle East and Africa.
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