State Street Expands Reach with Columbia Threadneedle Deal
State Street will extend its accounting and custody services to cover Columbia Threadneedle's $431 billion assets. The move involves over 100 employees shifting from Columbia Threadneedle to State Street, enhancing the bank's position in the asset management industry and showcasing the trend of outsourcing operational tasks to specialized firms.
Custodian bank State Street has announced an expansion in its accounting, administration, and custody services, covering $431 billion worth of Columbia Threadneedle Investments' funds in a new deal unveiled Friday.
This strategic partnership will see over 100 employees from Columbia Threadneedle, handling accounting and administration for U.S. pooled funds, transition to similar positions at State Street.
The agreement strengthens State Street's role as a leading custodian and back-office service provider, highlighting a growing trend among major asset managers to outsource operational functions to specialized firms for cost efficiency and investment focus.
(With inputs from agencies.)
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