State Street wins AllianceBernstein mandate
The big financial services firm State Street Corporation has been appointed by global asset manager AllianceBernstein to provide investment operations outsourcing services for more than $300 billion in client assets.
The institutional service provided by State Street will include trade settlement, portfolio administration and reconciliation, derivative operations, client reporting and performance measurement.
The new mandate is a continuation of the 30-year relationship between the two global firms, and will see 100 employees transition from AllianceBernstein to State Street.
AllianceBernstein head of global operations Dick Taggart said the new mandate was part of a strategy to leverage the scale and capabilities of leading service providers.
"This expansion of our existing relationship will further help AllianceBernstein increase operating efficiency and reduce operational risk, while allowing us to invest more time and energy in our expanding research and advisory services," Taggart said.
State Street investment manager services executive vice president Jeff Conway said the 30-year relationship between the two firms was indicative of State Street's ability to incrementally add value as its clients' needs evolved.
"We are very proud of our strong track record in providing investment manager operations outsourcing services to support the growth of the world's leading asset managers," Conway said.
State Street currently has $8 trillion in assets under administration, and its relationship with Alliance Bernstein dates back to 1978.
The two firms brokered a similar arrangement for Japanese institutional clients in 2009, albeit on a much smaller scale.
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