Pimco [see profile] and State Street are sticking together. Yesterday the Boston-based bank revealed the Allianz subsidiary and fixed income mutual fund giant had new renewed its outsourcing contract with State Street.
According to State Street, more than 700 of its employee now service Pimco.
Company Press Release
BOSTON, Nov 03, 2011 -- State Street Corporation STT -0.03% , one of the world's leading providers of financial services to institutional investors, announced today that it has been retained by Pacific Investment Management Co. (PIMCO) to provide an array of investment manager operations outsourcing services for $1.3 trillion in assets. This represents a renewal of one of the first and largest investment manager operations outsourcing relationships of its kind in the industry.
State Street has provided a variety of investment services for PIMCO over the last decade, which initially included custody, accounting and valuation services. In 2000, State Street assumed PIMCO's investment operations in Newport Beach, California, including trade processing, custody, accounting, collateral management, pricing, derivatives processing and IT development. Today, State Street has more than 700 employees worldwide servicing PIMCO's investment operations.
"We are very pleased to have supported PIMCO's rapid growth for more than a decade, and we look forward to continuing our partnership with them," said Jeff Conway, executive vice president and global head of State Street's investment manager services business. "When we assumed PIMCO's investment operations capabilities in 2000, it became the cornerstone of our investment manager operations servicing business. Since then, State Street has worked alongside PIMCO to help support its ongoing expansion into new geographies; and during the course of our relationship PIMCO's assets have grown to $1.3 trillion. This renewal is a strong endorsement of our continued investment in technology solutions for global asset managers."
State Street has $8 trillion in middle-office assets under administration, the most in the industry.
About State Street
State Street Corporation STT -0.03% is one of the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $21.5 trillion in assets under custody and administration and $1.9 trillion in assets under management at September 30, 2011, State Street operates in 26 countries and more than 100 geographic markets. For more information, visit State Street's web site at www.statestreet.com .
*This AUM includes the assets of the SPDR Gold Trust (approx. $64 billion as of September 30, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.