Charles Schwab IM signs to State Street fund management services
State Street Corporation (NYSE: STT), the world's leading provider of services to institutional investors, announced today that it has been selected by Charles Schwab Investment Management (CSIM) to provide a broad range of investment services including accounting, custody and securities lending to the Schwab Funds and Laudus funds.
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The fund complexes represent more than 67 funds in total and $140 billion in assets.
"Our goal is to move from a complex structure of several outside vendor relationships to a simpler one, consolidating to gain efficiency," said George Pereira, chief financial officer of CSIM. "The new fund accounting and custody structure we have implemented will offer numerous benefits, including a simpler and more scalable operating structure, a more efficient shareholder reporting process and tighter risk management. State Street excelled in all aspects of the competitive bid process and is the best choice to serve CSIM's needs going forward."
State Street is the leading provider of fund accounting in the United States, servicing more than 40 percent of the mutual fund industry, and is the largest contributor of mutual fund NAV's to NASDAQ.
"We are pleased that CSIM has selected State Street for a wide range of services in support of its mutual fund family," said Jay Hooley, executive vice president and head of global investment servicing at State Street. "We have extensive experience working with large mutual fund management complexes and integrating the various aspects of their servicing requirements in to our operations. We look forward to a long term partnership with Schwab as they continue to growth their business."