Asset management firm AllianceBernstein has agreed to outsource its institutional investment operations services to State Street Corporation in a transaction that covers more than $300 billion in assets globally.
The agreement includes AllianceBernstein's Australian operations and extends largely to back-office services.
State Street will provide trade settlement, portfolio administration and reconciliation, derivative operations, client reporting services, and performance measurement for AllianceBernstein's institutional accounts.
"Transferring these investment operations to State Street is a critical element of our sourcing strategy to leverage the scale and capabilities of leading service providers," AllianceBernstein head of global operations Dick Taggart said.
"This expansion of our existing relationship will further help AllianceBernstein increase operating efficiency and reduce operational risk, while allowing us to invest more time and energy in our expanding research and advisory services."
As a result of this mandate, about 100 employees will transition from AllianceBernstein to State Street to provide global servicing support.
A State Street spokesperson said none of AllianceBernstein's staff would join the Australian office of State Street, but some staff of the AllianceBernstein operations here would relocate to State Street's Singapore office.
