State Street has developed an 'outsourcing' model that focuses on the pre-trade and trade functions ...
State Street has developed an 'outsourcing' model that focuses on the pre-trade and trade functions of the back office. State Street is already one of the leading providers of the more traditional outsourcing services involving custody, post-trade and trusteeship.
The new service will be integrated, but not part of, existing outsourcing services. The move follows State Street's deal with PIMCO in August 2000 and Scottish Widows in October whereby State Street provides the entire back office and technology infrastructure for both organisations. In effect, the back office functions and staff of PIMCO and Scottish Widows have now become part of State Street.
In the case of PIMCO, State Street retained 276 staff and assumed management of PIMCO's entire back office and technology infrastructure. To achieve economies of scale, staff with specific expertise will also be deployed to service other fund management clients of State Street.
John Campbell, senior vice president, investment manager solutions, says State Street plans to roll out the model to other fund management groups in Europe. Campbell said the benefits include the fact that the service allows fund management groups to keep their own systems which State Street will work with.
'Failure to pay attention can result in enforcement'
200,000 LISAs opened so far
From June 2019
11 years since launch of three Chartered titles
Hired 200 extra operational staff