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State Street to provide custody to Aon

IRELAND – State Street Corp. Dublin has been appointed to provide investment services to Aon Asset Management.

State Street will be the administrator and custodian for Aon Asset Management’s new umbrella fund, which launched in March. The fund currently has 300 million pounds (428.8 million euros) in assets.

The new fund is Irish domiciled and has a range of sub-funds, each with multiple managers. The funds will be multi-manager, multi-currency and multi-share class.

William Slattery, head of State Street’s investor services business in Ireland, described the appointment as a “major win” as it “demonstrates State Street’s innovation in developing the capabilities to service the highly complex and growing umbrella fund market segment”.

Aon Asset Management is a UK subsidiary of US insurer Aon, and provides a manager of manager vehicle.

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