State Street claims new fund administration mandate
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State Street claims new fund administration mandate 28 October 2010Boston Reporter: Steven Lafferty
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State Street Corporation announced that it has been selected by LaSalle Investment Management, to provide fund administration services for approximately USD2 billion in assets on behalf of the LaSalle Property Fund, L.P.
State Street will provide administration and transfer agency services for LaSalle Property Fund L.P., managed by LaSalle Investment Management.
"The specialized knowledge and capabilities offered by State Street were paramount in our decision to appoint them as our third-party service provider," said Allan Marques, chief financial officer of LaSalle Property Fund L.P. "State Street brings significant experience in servicing private equity funds which makes us very confident in its ability to accommodate the needs of our fund."
"We are pleased to partner with LaSalle Investment Management to meet the needs of its expanding real estate portfolio," said George Sullivan, executive vice president for State Street's Alternative Investment Solutions group. "The diversity of our fund administration business allows us to service the needs of funds that are increasingly using private equity structures in their portfolios. Today's fund managers place tremendous value on transparency, cost efficiency and scalability when evaluating independent fund administrators, and we look forward to establishing this new relationship."
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