State Street Corporation announced today it has been appointed by Allianz Global Investors GmbH and DekaBank Deutsche Girozentrale to provide a wide range of investment services for more than €500 billion in assets.
As part of the appointment, State Street will provide fund accounting, fund administration, data management, reporting, fund year-end and tax support services. The services were previously performed by Dealis Fund Operations, a joint venture of DekaBank and Allianz Global Investors. State Street will assume the technology infrastructure of Dealis Fund Operations as well as approximately 350 employees who are expected to join State Street.
Jeff Conway, chief executive officer of State Street in Europe Middle East and Africa (EMEA) said, “We are delighted to strengthen our relationship with Allianz Global Investors and look forward to starting a new one with DekaBank. This appointment builds on our position as a leading service provider for fund administration and reflects State Street’s strong commitment to Germany as one of our key markets in Europe. With an expanded technology infrastructure, our clients will benefit from an enhanced product offering and end-to-end technology platform.”
“We also look forward to welcoming the employees who will join State Street in Germany and Luxembourg. This new appointment continues to demonstrate that our established footprint in Europe provides a good foundation for future client opportunities,” continued Conway.
Michael Hartmann, chairman of the shareholders' committee of Dealis and Head of Operations Europe at Allianz Global Investors, added, “More than seven years ago Dealis was founded by Allianz Global Investors and DekaBank in order to establish a state-of-the-art provider for comprehensive fund administration services. This goal has been achieved. Now we want to expand Dealis’ business model and to create new perspectives. An excellent starting point to achieve those goals can be provided by a strong partner whose core competences are also fund administration services and who additionally offers a broad range of services in the custody of securities. With State Street, we have found this strong partner to create new perspectives for the service delivery in Germany.”
Daniel Kapffer, member of the shareholders' committee of Dealis, as well as COO Asset Management at DekaBank said, “Through the involvement of a globally integrated and leading service provider for fund administration we can successfully establish a strategic partnership offering added-value, also with regard to our savings bank customers’ demand for quality. Moreover, due to economies of scale regulatory and fiscal requirements can be achieved more efficiently.”
Bernd Franke, CEO at Dealis, said, “With State Street, we have found a strong partner who constitutes a great fit for our business. Central KVG back office activities will be bundled into a combined platform providing unique end-to-end service capabilities and a strengthened product portfolio benefitting existing and prospect clients.”
