State Street wins $45bn custody from Nuveen
US– Chicago-based mutual fund and asset management company Nuveen Investments has appointed Boston-based financial services group, State Street Corporation, to provide custody and accounting services for 130 of its funds, worth collectively some $45bn (€44.7bn).
In addition, Boston Financial Data Services, the joint venture company between State Street and DST Systems, will provide transfer agency and shareholder services to the funds as part of the mandate.
Nuveen selected State Street and Boston because of their combined ability to provide services to both mutual funds and exchange traded funds.
Says Steve Foy, vice president of Nuveen: “We chose State Street based on its proven expertise in supporting both closed-end ETFs and traditional mutual funds, as well as its ability to provide quality service to investors and financial advisors.”
State Street currently has $6.3trn in assets under custody and $808bn in assets under management.