For the past ten years,
State Street has served as the custodian, accounting agent and valuation agent of the
PIMCO Funds.
Now the Boston firm is taking over all other back-office servicing for the bond giant, and in the process taking over PIMCO's 300- person investment operations unit in Newport Beach, California.
In a letter of agreement, State Street will assume virtually all of PIMCO's investment operations capabilities in Newport Beach, California, including securities trade order processing, custodian communication for settlements and accounting, systems network and IT development, as well as "certain human resource and training areas and office services functions."
A State Street spokesperson said that while the unit would intially concentrate on PIMCO's back-office, the acquisition would eventually serve as a West Coast base of operations and would be used to service other regional asset managers.
The company has also formed a new business unit, under the direction of
Tom McCrossen, executive vice president of State Street, called
Investment Manager Solutions (IMS).
"IMS is a natural evolution of our services that enables State Street to provide global asset managers with the most comprehensive suite of services for the full cycle of the investment process, from pre-trade research, trade order management, through settlement," said McCrossen.
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