State Street has extended its existing collateral services relationship with Union Investment for an additional five years, including an option for a further extension.
Union Investment has worked with State Street for the last eight years.
As part of the renewal, State Street will continue to provide collateral management services, with bi-lateral and triparty collateralisation, for the complete mutual fund range of Union Investment in Germany and Luxembourg.
Stefan Gmuer, CEO of State Street Bank International, Munich, said: “By providing specialised solutions to our clients, we’re helping them streamline investment operations to contain costs, reduce risk and continue adding value to their business.”
Oliver Reinki, managing director (Geschäftsführer) at Union Service-Gesellschaft, added: “We are confident that extending this partnership will enhance our ability to service our clients, as we continue to benefit from State Street’s products and services and dedication to service excellence.”
In October, State Street’s Q3 results revealed investment servicing of assets under custody and/or administration (AUC/A) has increased by 11 percent from the same period last year to $36.6 trillion.
