GERMANY/LUXEMBOURG- Unico Asset Management, the Luxembourg-based subsidiary of Germany’s Union Fonds Holding has appointed two State Street divisions to service and manage its i-tracker funds, a series of index funds being launched at the beginning of march.

Unico has appointed State Street Luxembourg and the Munich arm of State Street Global advisors, the corporation’s investment management division, to oversee the new range.

The Unico i-tracker funds will initially consist of ten funds that allow European institutional investors to exploit the attractiveness of the indices as benchmarks and weight their portfolios to be completely or partially market neutral.

The series will comprise the DAX30, the S&P500, the NASDAQ100 and seven exchange traded funds tracking European sector indices from MSCI.

Says Klaus Esswein, managing director of SSgA in Munich: “this opportunity marks an exiting first for State street as we team up with our Luxembourg colleagues to provide our collective expertise in servicing and managing ETFs.”

State Street Global Advisors manages more than $35bn in a total of 39 exchange traded funds.