State Street picks up AllianceBernstein mandate
State Street 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.
The agreement covers a wide 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.
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."
State Street's relationship with AllianceBernstein, dates back to 1978. 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.
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