KIID is a mandatory requirement of the new UCITS IV directive under which asset managers must replace their current simplified prospectus or factsheet with a KIID for each individual UCITS product sold within the European Union.
State Street Global Services business in Europe executive vice president and head of sales and business development Tim Caverly said that State Street has a presence in all major European financial service centers and key distribution locations for UCITS funds globally.
"Our network gives us deep, local expertise and ensures we remain connected to regional regulators in order to provide our clients with the services they need to meet evolving requirements," Caverly said.
State Street first partnered with AllianceBernstein in 1978 to provide US mutual fund services and has since expanded the services it provides globally to include accounting, fund administration and transfer agency through IFDS, State Street’s transfer agency joint venture with DST systems, custody and trustee services, valuation, statutory insurance reporting, quantitative research and FX execution.
