State Street Investor Services has won the backoffice, middle office and custody for Credit Suisse Asset Management’s (CSAM) $23 billion in funds under management.

State Street replaces JPMorgan Investor Services for custody and CSAM will outsource a number of services, including trade support and asset servicing, which were previously conducted in-house. “Credit Suisse is obviously looking to build its business here,” David Travers, managing director, State Street Investor Services, said. “They made the decision to outsource a number of activities.” State Street has signed a letter of intent and a CSAM spokesperson said the manager hoped to have the transition completed by the end of the year. Globally CSAM uses State Street for custody in a number of other regions. The CSAM spokesperson said State Street was chosen for its global capabilities and its commitment to continuous service. JP Morgan provided custody for CSAM for over a decade.