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.
3 July 2007 00:00
outsource, spokesperson, suisse, completed, decade, intent, investor, hoped, morgan, transition, globally, capabilities
Investments
Rest Super has built its private equity program around a deliberately selective approach to manager and deal selection, favouring a concentrated roster of external partners and proactively seeking out top PE firms rather than waiting for them to come knocking. Head of private markets Marina Pasika unpacks the program’s coming of age and what powered an asset class return more than double the peer average in the last financial year.
Leave a Comment
You must be logged in to post a comment.