Legg Mason subsidiary Brandywine Asset Management
has selected State Street Corp.
to provide outsourcing for approximately $2.25 billion in assets from its managed account business.
Thomas McKee, senior vice president of State Street's Wealth Manager Services will be responsible for the administration of the business. State Street will provide a host of services for the managed account portfolios, including administration, accounting, performance measurement, trading support and investor reporting services.
Prior to choosing State Street, Brandywine serviced the accounts in-house, said Brandywine spokesman Frank Natale. Brandywine made the decision to outsource in order to "focus on core competencies," said Natale.
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