Massachusetts-based State Street said it will provide an extended range of services, covering over $300bn in client assets, including trade settlement portfolio administration and reconciliation, derivative operations, client reporting, and performance measurement for AllianceBernstein’s institutional accounts.
As a result of this relationship expansion, 100 employees will move from AllianceBernstein to State Street.
AllianceBernstein head of global operations Dick Taggart said this expansion of their existing relationship will further help AllianceBernstein increase operating efficiency and reduce operational risk, while allowing them to invest more time and energy in their expanding research and advisory services.
State Street executive vice president and global head of Investment Manager Services business Jeff Conway said this extension of their longstanding relationship with AllianceBernstein speaks to their deep relationships with their clients and to their ability to incrementally add value as their needs evolve.
