01 December 2009 News

 

Morgan Stanley IM outsources operations to State Street

Morgan Stanley Investment Management has appointed State Street to provide investment manager operations outsourcing services for approximately $300 billion (£181 billion) in assets.

State Street will provide MSIM with global outsourcing services including trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIM's assets under management.  As a result of this mandate, State Street will assume approximately 100 employees globally from MSIM and will support MSIM's needs globally.

"We are very pleased to expand upon our long-standing partnership with State Street to ensure that MSIM remains well-positioned to deliver best-in-class investment operations and technology solutions to our investment teams and our clients," said Joanne Pace, chief operating officer of Morgan Stanley Investment Management.

Jay Hooley, president and chief operating officer of State Street Corporation said: "In the period of rapid expansion within the global markets over the past decade, many investment managers' legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies. We are delighted that for four decades, Morgan Stanley continues to rely on State Street for an unwavering commitment to supporting their complex requirements and developing new product solutions for their needs."