UK – Schroders has appointed State Street Corp. to provide accounting and administration for 64 of its funds representing more than 11 billion pounds (16.2 billion euros) in assets.

“State Street will provide accounting and fund administration services for 64 funds, representing more than 11 billion pounds in assets,” the companies said in a joint statement.

Schroders already outsourcers its retail fund administration via State Street’s joint venture with DST Systems, IFDS.

“Our decision to appoint State Street was the result of an extensive due diligence and reflects our appreciation of their commitment to the investor services business and their depth of experience in fund accounting and administration,” said Hugh Mullan, chief operating officer of Schroders Retail.

State Street senior vice president Jeff Conway said: “This mandate demonstrates State Street’s ability to provide the level of flexibility an innovation that major global asset managers need to solve their increasingly complex asset servicing challenges.”

Financial details of the transaction were not disclosed.