Recent studies have shown buy-side firms, particularly hedge funds, are expanding their outsourcing options to include middle-office and certain trading functions
The launch of the service comes as the roles of the COO and CFO are increasingly becoming blurred with other functions within an investment manager.
Greater regulatory scrutiny comes as the COVID-19 pandemic has highlighted a greater risk in the event a fund administrator cannot strike a NAV.
Asset managers and asset owners with over $100 billion in assets under management (AuM) said they plan to reduce their number of service providers.
The mandate is the latest in string of deals that State Street has resigned with some of its key asset manager and asset owner clients.
State Street will expand its client coverage model, initially devised for its largest 50 buy-side clients, to 150 clients with AUM between $50-100 billion.
State Street has appointed a new CEO of Charles River Development (CRD) and expanded the role of its head of front-to-back platform strategy.
COVID-19 crisis is accelerating outsourcing among asset managers who face a myriad of additional challenges such as competition, fee pressure and regulation.
State Street will provide the insurer with new outsourced accounting services for a significant portion of its separate account life and annuity business.
IHS Markit hires 20-year BlackRock veteran who most recently led the development of post-trade and outsourcing capabilities of its flagship Aladdin platform.