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24 October 2016

PIMCO is one of the world’s largest asset managers with $1.55trn AUM

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State Street


State Street has been reappointed by PIMCO to handle the
fund management giant’s back-office investment operations.

The agreement renews a relationship first announced in 2000
which saw State Street take over PIMCO’s back-office investment
operations – including trade processing and collateral
management – in California.

Separately, State Street said it also has agreed in
principle with PIMCO to provide accounting, custody, fund
administration and transfer agency services for an additional
$140bn in assets under management.

This would be in addition to the $397bn of PIMCO-managed
assets already similarly serviced by State Street.

PIMCO’s Irish Plc’s and Luxembourg
Trusts and Cayman/Bermuda Trusts are thought to be included in
the deal as well as certain custody services for private equity
and hedge funds.

“As one of the first outsourcing deals in the industry, we
are very pleased to have worked together with PIMCO to support
their rapid growth for more than a decade,” said Dick Taggart,
executive vice president at State Street. 

“Our relationship with PIMCO has formed the cornerstone of
our investment manager services outsourcing business.”

“State Street’s digital and integrated
solutions for our middle- and back-offices have been and will
continue to be an important part of our continued global
success,” added Peter Strelow, managing director at PIMCO.

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Article source: http://www.globalinvestormagazine.com/Article/3595818/State-Street-renews-PIMCO-investment-outsourcing-deal.html

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