The State Street Corporation (NYSE: STT) (State Street) and Boston Financial Data Services, Inc. (Boston Financial), a joint venture of State Street and DST Systems, Inc., announced today that they have been appointed by Transamerica Asset Management (Transamerica) to provide a full range of investment services for over $55.5 billion in assets.
In an expansion of a long-standing relationship, State Street will provide Transamerica with a range of fund administration services, including financial reporting, expense administration and compliance monitoring. Boston Financial will begin a new relationship by providing shareholder recordkeeping, investor and intermediary servicing, and compliance services.
"We have enjoyed a very successful, strategic partnership with State Street, so it was a natural choice when we sought a provider for fund administration services that we had confidence in," said Tom Swank, president and CEO, Transamerica Individual Savings & Retirement. "Boston Financial has a strong reputation as a leading solutions provider with a range of services that complements State Street's offering. We look forward to working with Boston Financial and State Street to further strengthen our overall operational capabilities."
State Street currently serves as custodian and accounting agent for Transamerica mutual funds.
"By leveraging our expertise, scale, and level of investment in servicing the financial industry, Transamerica will be able to focus on increasing the distribution of their funds," said Terry Metzger, President and CEO at Boston Financial. "Expanding an already successful outsourcing relationship can further improve investment operations," said Alan Greene, executive vice president of US investment services and institutional investor services at State Street.
"With the addition of these new capabilities from both State Street and Boston Financial, we look forward to helping Transamerica generate greater efficiencies, better positioning them to focus on meeting their growth objectives."
Other services to be provided by State Street include performance reporting, tax administration and legal administration.