Outsourcing

State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, announced today that it has been appointed by global asset manager, AllianceBernstein L.P., to provide investment operations outsourcing services covering more than $300 billion in client assets.

- Financial services marketplace increasingly turning to outsourcing as a business model

 eClerx, a leading knowledge and business process outsourcing firm to the global financial services industry, today announced results of a survey of global senior decision makers in financial services from the compliance, operational and risk business units. According to the survey, reducing operational costs and improving business agility are the top two reasons financial services organizations are turning to outsourcing.

Citigroup is to provide the European Investment Bank (EIB) with a comprehensive solution for its derivatives collateral management. The EIB, the financing institution of the European Union, has appointed Citi as its collateral management and collateral custody agent responsible for the EIB's derivatives collateral management functions.

BNY Mellon, the global leader in investment management and investment servicing, announced today that it is providing derivatives collateral management services to Sjunde AP-fonden (AP7) the Swedish state pension fund, which has over euro 8.5bn under management.

New Offering Addresses Major Challenges of Regulatory Reform

The highlights of a survey of the investment administration outsourcing market have been announced. The survey carried out by CityIQ, in association with BNP Paribas Securities Services reveals that:

Over 80% of respondents said that the service they received in the last twelve months was as good as or better than in previous years. Over 65% reported the service received from their provider was as good as or better than when the service was in-house.

General Motors has selected GlobeOp Financial Services (LSE: GO.) as its service provider for daily collateral management, valuation and reconciliations across its over-the-counter (OTC) derivatives portfolio.

GlobeOp will support General Motors' Treasury department with the management of foreign exchange, commodity and interest rate derivatives. Services include collateral management, reconciliation and independent valuation analysis of complex securities.

Pension funds are looking to improve collateral management to better mitigate counterparty risk and are reviewing outsourcing services or off-the shelf software solutions. In a Q&A, Investit’s Sarah-Jane Dennis offers sound advice to pension funds on how the factors to consider when setting up a governance structure, daily monitoring process and debating whether to outsource or license specialist software.

Company’s Middle Office Services Expand to Provide Clients with an Automated and Transparent Process for Managing Counterparty Risk

Societe Generale Securities Services (SGSS) has been mandated by Santander Asset Management, the asset management division of the Santander Group, the 6th largest financial services group in the world by market capitalisation, to provide a range of asset servicing for its Luxembourg-domiciled funds which are administered and deposited with SGSS.