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State Street wins UK mandate
06 June 2012
State Street has been appointed by SVM Asset Management to provide fund administration
SVM Asset Management
State Street has picked up a mandate from Edinburgh-based SVM Asset Management to provide fund administration for more than $750m in assets.
SVM will consolidate all its UK-based fund administration activities including global custody, investment accounting and trustee and depositary services with the custodian bank.
International Financial Data Services, State Street’s shareholder services joint venture with DST Systems, will provide investor record-keeping and transfer agency solutions on a full-service basis.
Carolina Viola, head of legal and compliance at SVM, said the decision will enable the firm to minimise its operational risk and maximise economies of scale.
Scotland is a “key market” for State Street, according to the custodian’s executive vice president and head of Global Services and Global Markets in the UK, Middle East and Africa.