State Street finalises Morgan Stanley integration 28 February 2013London Reporter: Jenna Jones
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State Street Corporation has completed the integration of Morgan Stanley Real Estate Investing’s fund servicing operations.
The integration, which began in February 2012, involved more than 150 Morgan Stanley Real Estate Investing (MSREI) accounting, operations and technical staff moving to State Street along with proprietary real estate servicing technology.
State Street provides accounting and administrative services to MSREI on a global basis across all of MSREI’s investment vehicles with $36 billion in assets under management.
Michael Levy, global chief financial officer and chief operating officer of MSREI, said: “State Street’s integration of our real estate fund servicing operations has been seamless, and we have been very pleased with their capabilities, technologies and commitment to customer service.”
“State Street’s leadership in servicing alternative assets will ensure that Morgan Stanley Real Estate Investing can stay focused on delivering returns for investors.”
George Sullivan, executive vice president and global head of State Street’s Alternative Investment Solutions group, said: “Rising operational and technology costs, complex fund structures, increased governance and transparency demands are just some of the factors driving the need for a strong administration partner in real estate fund management. Our integration of MSREI’s fund servicing operations further strengthens State Street’s ability to service this growing asset class.”
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