US – Boston-based State Street Corporation is to take over operations support for the $25bn (€26.7bn) assets under management of New York-based investment management firm, J&W Seligman.
State Street already provides custody, accounting and administration services to Seligman’s US-based and offshore investment companies and products worth $16bn.
The expanded relationship will include trade support and settlement, portfolio record keeping, and systems for their trading platforms. State Street will provide the new services through its Investment Manager Solutions business. In addition, State Street will offer administration support to Seligman’s managed account programme.
Last year State Street took over operations management for Pimco’s $180bn fixed income assets, as well as the custody and trustee administration services for Edinburgh-based Scottish Widows’ £78bn pension and life funds and unit trusts.
Says John Clark, managing director at Seligman: “State Street can deliver efficiencies of scale that should provide our clients with faster processing and more robust reporting. This will enable us to focus more attention on investment management and client services.”