State Street's back-office division has won a new mandate. The company has been chosen to provide custody, accounting and fund administration services to Columbia Management’s Excelsior Funds. State Street has been providing fund administration to Columbia Management since 2005. The Excelsior Funds came under Columbia's wing when U.S. Trust was acquired by Columbia's parent, Bank of America, from Charles Schwab in July of last year. A spokesperson for Columbia tells the MFWire that Columbia chose State Street because the company already provides back-office servicing to it's fund group.
Company Press Release
State Street Corporation (NYSE: STT), the world’s leading provider of financial services to institutional investors, announced today that it has been appointed to provide a range of custody, accounting and fund administration services to Columbia Management’s Excelsior Funds, which have approximately $20 billion in assets. With the new mandate, State Street now services a total of approximately $320 billion in assets for funds sponsored by Columbia Management, Bank of America’s asset management arm.
The new win expands upon State Street’s long-standing relationship with Columbia Management. In 2005, Columbia Management chose State Street to provide fund administrative services for $224 billion in assets.
“We are pleased to extend our relationship with State Street,” said Christopher Wilson, head of mutual funds, Columbia Management. “It has consistently proven it can keep pace with our growth, quickly integrate additional products and offer us additional services.”
“We are delighted that our customers repeatedly view us as trusted partners as they grow and expand their business,” said Jay Hooley, vice chairman and head of global investment servicing and investment research and trading at State Street. “We have been servicing Bank of America’s fund complexes since December 2000 and have been successfully awarded new business as the organization has grown its asset management arm over the years. This win is another example of how State Street continues to benefit from industry consolidation as we build upon our strong relationships with leading global organizations.”
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. In 2007, State Street received seven first-place rankings in Global Investor magazine’s Global Custody Awards. State Street was also named “Custodian of the Year” by Global Pensions, and “Best Fund Administrator” by The Asset magazine.
About State Street
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $15.3 trillion in assets under custody and $2 trillion in assets under management at December 31, 2007, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.
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