F&C Signs State Street to Provide Operations Outsourcing
![fc fc](/sites/default/files/styles/landscape_750_463/public/import/IMG/200/182200/fandc-580x358.jpg.webp?itok=-zg3_sK6)
State Street will provide investment manager operations outsourcing services for F&C Asset Management, it has been announced.
Along with the investment manager services for F&C and its subsidiary Thames River Capital, State Street will also provide outsourcing for custody, securities-lending and fund accounting among other areas on a global scale.
The deal is for F&C's £106 billion under management, and as a direct result, 102 employees of F&C in London and Edinburgh will transfer to State Street. International Financial Data Services, a joint venture between the company and DST systems, will handle the transfer agency aspects of the deal.
"As one of the first providers to offer investment manager operations outsourcing services, State Street has a decade of experience in servicing some of the most complex and global clients," says Joe Antonellis, vice chairman of State Street. "In the period of rapid expansion within the global markets over the past decade, many investment managers' legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies."
Alain Grisay, F&C's chief executive adds: "This agreement will improve operational efficiency and is a major step forward in introducing long-term flexibility in our cost base which will benefit both our clients and shareholders."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Facing platform shutdown, former IEX Cloud head buys its assets in 11th-hour bid
Tim Baker, Pedro Aguayo, and a silent partner have come together to purchase IEX Cloud’s assets days before the exchange was to retire all its products on August 31.
Recent volatility highlights tech’s vital role in fixed income pricing
MarketAxess’ Julien Alexandre discusses how cutting-edge technology is transforming pricing and execution in the fixed income market amid periodic bouts of volatility
Banks fret over vendor contracts as Dora deadline looms
Thousands of vendor contracts will need repapering to comply with EU’s new digital resilience rules
Where have all the exchange platform providers gone?
The IMD Wrap: Running an exchange is a profitable business. The margins on market data sales alone can be staggering. And since every exchange needs a reliable and efficient exchange technology stack, Max asks why more vendors aren’t diving into this space.
This Week: Trading Technologies completes ANS deal; State Street; Equinix; and more
A summary of the latest financial technology news.
Interactive Brokers looks beyond US borders for growth opportunities
As retail trading has grown in volume and importance, Interactive Brokers and others are expanding international offerings and marketing abroad.
JP Morgan’s goal of STP in loans materializes on Versana’s platform
The accomplishment highlights the budding digitization of private credit, though it’s still a long road ahead.
As data volumes explode, expect more outages
Waters Wrap: At least for those unprepared—though preparation is no easy task—says Anthony.