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.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
