State Street and PIMCO renew back-office deal
25 October 2016 Boston
Image: Shutterstock
State Street has renewed its 16-year partnership with PIMCO to provide outsourced investment management services including collateral management, pricing and derivatives processing.
The agreement, which was first formed in 2000, allows State Street to assume control of PIMCO’s back-office investment operations for $1.55 trillion in assets under management.
Additionally, State Street will also provide accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management.
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.”
Andrew Erickson, executive vice president and head of State Street Investment Servicing in the Americas, added: “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.”
The agreement, which was first formed in 2000, allows State Street to assume control of PIMCO’s back-office investment operations for $1.55 trillion in assets under management.
Additionally, State Street will also provide accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management.
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.”
Andrew Erickson, executive vice president and head of State Street Investment Servicing in the Americas, added: “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.”
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