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State Street and Pimco renew back-office deal

Oct. 24, 2016 10:11 AM ETState Street Corporation (STT) StockBy: Stephen Alpher, SA News Editor
  • Renewing a 16-year partnership, Pimco has reappointed State Street (NYSE:STT) to handle the firm's back-office investment operations in Newport Beach (in support of $1.5T of AUM).
  • Separately, the two have also agreed in principle for State Street to provide accounting, custody, fund administration and transfer agency services for another $140B in AUM. These would be in addition to the $397B of Pimco-managed assets similarly serviced by State Street, and should include the full suite of back-office services for Pimco's Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds.

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