State Street Corporation (NYSE:STT) today announced that it has been reappointed by Aberdeen Standard Investments (ASI) to continue to provide a variety of back office servicing solutions. ASI is a global asset manager dedicated to creating long-term value for its clients.
As part of the renewal, State Street will provide global custody, accounting, and fund administration for ASI's fund ranges in the United States and Canada.
In June, State Street released a research study that noted that institutional investors were retaining high levels of confidence in their asset managers amid the COVID-19 crisis. However, the survey also revealed that the pandemic has also created major challenges for managers and their back office functions; as 37% of institutional investors found securities valuations 'challenging' or 'extremely challenging' during the crisis. This was followed by liquidity (34%), timely reporting (34%) and cash forecasting (30%).i
"The COVID-19 crisis has presented unparalleled challenges, and we remain committed to partnering with our clients to help them generate and sustain growth," said Donna Milrod, head of the global clients division for State Street. "We are very pleased to extend our very important relationship with Aberdeen Standard Investments."
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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Expiration Date: September 30, 2021
_________________ i *Research study conducted by State Street: https://newsroom.statestreet.com/press-release/corporate/state-street-survey-provides-insights-institutional-investors-views-asset-ma
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SOURCE: State Street Corporation
Brendan Paul Bpaul2@statestreet.com +1 401 644 9182