State Street has picked up a new outsourcing mandate. Lazard Asset Management chose the Boston company to provide investment operations outsourcing services to support the majority of Lazard’s $134.1 billion in assets. As a result, 70 Lazard employees plan to transfer to State Street.
Company Pres Release
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT - News), the world’s leading provider of financial services to institutional investors, announced today that it has been appointed by Lazard Asset Management (LAM) to provide investment manager operations outsourcing services.
State Street will provide LAM with a range of investment operations outsourcing services including trade settlement, portfolio administration, reconciliation, performance composite management, data management and preparation of client reports to support the majority of Lazard’s $134.1 billion in assets (as of June 30, 2008) that are managed by LAM for its clients.
As a result of this mandate, approximately 70 Lazard employees are expected to transfer to State Street.
“We have worked together with Lazard on a variety of initiatives over the years and are pleased to continue adding value and expanding our relationship,” said Jay Hooley, president and chief operating officer of State Street.
“We look forward to leveraging State Street’s ongoing focus and investments in technology, while we continue to expand our global reach, diversify our offerings and provide world class investment solutions for our clients,” said Ashish Bhutani, chief executive of Lazard Asset Management.
State Street Corporation (NYSE: STT - News) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $15.3 trillion in assets under custody and $1.9 trillion in assets under management at June 30, 2008, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.
Lazard Asset Management LLC (LAM), an indirect subsidiary of Lazard Ltd (NYSE: LAZ - News), offers a range of equity, fixed-income, and alternative investment products and solutions for clients worldwide. As of June 30, 2008, LAM and affiliated asset management companies in the Lazard Group managed more than $134.1 billion worth of client assets. For more information about LAM, please go to www.Lazardnet.com.