cudder Investments, a unit of Deutsche Asset Management
, has selected State Street
to provide investment services, which includes fund accounting and certain fund administration services, for its wide range of investment products.
The mandate covers Scudder's family of some 200 open- and closed-end mutual funds, fund of funds, variable annuity and certain defined contribution products, with total net assets of about $135 billion, according to a prepared release. As part of the deal, State Street will calculate daily net asset values per share for approximately 515 share classes.
"State Street was the clear partner for us, as their breadth of servicing capabilities in the areas of fund accounting and fund administration was a strong match in support of our complex servicing requirements," said Brenda Lyons
of Deutsche Asset Management, in the release.
According to the Securities Data Publishing's annual Fund Accounting Service Guide, State Street serviced more than $1.4 trillion of assets, or nearly four times more than the next largest service provider.
In January, State Street said it would provide investment services for Deutsche Asset Management and that the deal could be expanded to the German firm's investment management affiliates.
Separately, State Street was tapped by a U.K.-based unit of Aon Corp. to provide administrator and custodian services for its new GBP 300 million multi-manager, umbrella fund.
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