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Friday, May 14, 2004|
State Street Takes Over Admin of ABN AMRO Funds
ABN AMRO Assets Management will begin a two and a half year process of handing over administration of its funds this summer, the asset manager announced on Friday.
The deal, which covers ABN AMRO's Netherlands, the United Kingdom, Luxemburg and Sweden operations, amounts to 75 billion euros in assets, or approximately $89 billion.
"Outsourcing our fund administration and investment operations will enable us to…focus on the investment process. We will put in place a structure for future growth while reducing costs and removing operational risk from our balance sheet" said Bert Schouws, chief financial officer and chief operating officer of ABN AMRO Asset Management.
Using 110 current ABN AMRO employees, State Street will develop a fund servicing operation in Amsterdam. A State Street spokesperson did not immediately return a call seeking comment about additional hires or expansion plans.
ABN AMRO managed approximately $196.8 billion in assets total at the end of March.
ABN AMRO Mellon remains custodian of ABN AMRO's assets.
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