State Street launches servicing solution for specialist fund managers
State Street Corporation has announced a new investment servicing solution to support small to mid-sized asset managers with their investment operations needs. The new offering is based on State Street’s outsourcing platform, which supports many of the world’s leading asset managers.
Jeff Conway, executive vice president and global head of State Street’s Investment Manager Services team, said: “Asset managers are confronting a range of challenges from heightened complexity as well as data and reporting needs, to regulatory changes that put added pressure on their existing platforms.”
Delegating operational functions to an experienced outsource provider can free up resources, allowing asset managers to stay focused on investment objectives.
A recent State Street survey of more than 160 boutique managers globally, conducted by the Economist Intelligence Unit, revealed that one-third of managers stated that their operational and IT structure needed improvement, and 21% went so far as to say it could hamper their ability to achieve their strategic goals over the next two years.
Among respondents, 42% saw achieving sufficient scale with their in-house systems as a major data management challenge, while 22% reported that their ability to capture and report regulatory data needed improvement.
State Street’s new investment servicing solution, which is available globally, includes transaction management, record-keeping, corporate action processing, data management, reconciliation, pricing and information delivery.