State Street has been reappointed by PIMCO to handle the fund management giant's back-office investment operations.

The agreement renews a relationship first announced in 2000 which saw State Street take over PIMCO's back-office investment operations - including trade processing and collateral management - in California.

Separately, State Street said it also has agreed in principle with PIMCO to provide accounting, custody, fund administration and transfer agency services for an additional $140bn in assets under management.

This would be in addition to the $397bn of PIMCO-managed assets already similarly serviced by State Street.

PIMCO’s Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts are thought to be included in the deal as well as certain custody services for private equity and hedge funds.

“As one of the first outsourcing deals in the industry, we are very pleased to have worked together with PIMCO to support their rapid growth for more than a decade,” said Dick Taggart, executive vice president at State Street. 

“Our relationship with PIMCO has formed the cornerstone of our investment manager services outsourcing business.”

“State Street’s digital and integrated solutions for our middle- and back-offices have been and will continue to be an important part of our continued global success,” added Peter Strelow, managing director at PIMCO.