Under the new agreement, STT to provide net asset value (NAV) calculation and transfer agency services for its entire fund range as well as middle-office services for its mutual and hedge funds.
The services will be provided in addition to the depositary services that are currently being delivered for Ersel’s mutual funds.
State Street’s Global Services business in Italy senior vice president and head Riccardo Lamanna said that ever evolving challenges can divert boutique firms’ attention from core business areas.
Hence, it would be vital for the firms to have complete back and middle-office technologies to cope with these challenges.
With $25.4 trillion in assets under custody and administration and $2.2 trillion in assets under management at 31 March 2013, State Street trades in over 100 markets globally, including the US, Canada, Europe, the Middle East and Asia.
