State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has been appointed by global asset manager, AllianceBernstein L.P., to provide investment operations outsourcing services covering more than $300 billion in client assets.
Building on its more than 30-year relationship with AllianceBernstein, State Street will provide a range of services including trade settlement, portfolio administration and reconciliation, derivative operations, client reporting, and performance measurement for AllianceBernstein's institutional accounts. As a result of this mandate, approximately 100 employees will transition from AllianceBernstein to State Street to provide global servicing support.
"Transferring these investment operations to State Street is a critical element of our sourcing strategy to leverage the scale and capabilities of leading service providers," said Dick Taggart, head of Global Operations, AllianceBernstein. "State Street continues to demonstrate leadership in providing the operational services that meet our current and future business needs. This expansion of our existing relationship will further help AllianceBernstein increase operating efficiency and reduce operational risk, while allowing us to invest more time and energy in our expanding research and advisory services."
Jeff Conway, executive vice president and global head of State Street's Investment Manager Services business commented: "This extension of our longstanding relationship with AllianceBernstein speaks to our deep relationships with our clients and to our ability to incrementally add value as their needs evolve. We are very proud of our strong track record in providing investment manager operations outsourcing services to support the growth of the world's leading asset managers."
With approximately $8 trillion in assets under administration, State Street is a proven leader in providing investment operations outsourcing enabling clients to access scalable platforms and strategic tools and insights that improve their services and capabilities in the long-term, allowing them to focus on their core competencies.
State Street's relationship with AllianceBernstein and funds it sponsors, dates back to 1978. Todaoday, it spans many geographies, product lines and services including hedge fund servicing, trustee services, fund accounting, a variety of investment operations services, and custody. In 2009, State Street and AllianceBernstein completed a similar but smaller-scale arrangement in Japan whereby State Street assumed responsibility for mutual fund accounting, client reporting for Japanese institutional clients, and other associated investment operations tasks.