US - Allianz Dresdner Asset Management (ADAM) has built on its existing relationship with State Street Corporation by awarding the company a mandate to service an additional US$100bn (e81.7bn) in insurance assets.
State Street’s new brief means it now provides a range of investor services worldwide for ADAM for assets totalling US$580bn, including US$400bn for Pacific Investment Management Company LLC, who ADAM is the holding company for.
Commenting on the mandate win, managing director and head of fixed income for ADAM, Jay Jacobs, said: “State Street’s ability to anticipate our needs and offer a wide variety of leading-edge investment services and technology solutions, were key factors in our decision to expand our relationship.”
State Street will provide securities pricing, account performance calculations and review, account transitions, record retention and reporting and daily position reconciliation services from its operations in Munich, Germany and Newport Beach, Calif.
State Street has served as custodian, accounting agent and valuation agent for PIMCO for 14 years.
“Our deep and long-term relationships with the world’s most sophisticated asset managers continue to be a major factor in our success,” said State Street executive vice president and head of investment servicing, Jay Hooley.
“We have enjoyed a longstanding relationship with these two leaders and look forward to providing them with continued service excellence.”
State Street has US$9.1trn in assets under custody and US$1.2trn in assets under management.