Under the terms of the five-year contract, State Street will provide custody and fund pricing, accounting and financial reporting for First State Investments’ UK-domiciled Investment Company with Variable Capital (ICVC), which has 16 sub-funds.
First State Investments regional managing director for EMEA Gary Withers said that after a full review of fund accounting and custody arrangements, including a competitive selection process between potential service providers, First State Investments has appointed State Street as the new fund administrator and custodian for First State’s UK-domiciled fund business.
"We firmly believe the services they offer best match the future direction of our UK business," Withers said.
