UOB Asset Management Renews and Expands Custody and Fund Administration Mandate for Ten Years with State Street
UOB Asset Management renews partnership with State Street. (Credit: Scott Graham on Unsplash)
State Street Corporation (NYSE:STT) today announced that it has been reappointed to provide custodian and fund administration services to UOB Asset Management (UOBAM), one of the region’s leading asset managers, for a further ten years.
The agreement renews the two firms’ six-year partnership that started in 2017, whereby State Street provided UOBAM’s Singapore business a broad range of solutions, including global custody, fund accounting, transfer agency, trustee services, investment operations, financial reporting and collateral management. Since then, the scope has expanded to support UOBAM’s middle office in Malaysia, and the launch of UOBAM’s first ETF in Taiwan.
“We are very pleased to extend our partnership with UOBAM and support its global growth ambitions,” said Mostapha Tahiri, CEO, Asia Pacific, Middle East and Africa, State Street. “This relationship has helped form the cornerstone of State Street’s asset manager servicing business in Southeast Asia. The renewal is a testament to the quality of our service and solutions underpinned by technology. Our regional operating model, with an integrated and scalable asset servicing platform, is geared to address asset managers’ future needs and support their business expansion globally.”
“After an extensive market review, we decided to reappoint State Street as we were convinced that its capabilities and services remain market leading,” said Wijaya Elham, Chief Operating Officer at UOBAM. “With a single provider supporting and streamlining our middle and back office functions, we are able to redeploy our resources to focus on delivering investment results and solutions to our investors. Building on the strong foundations we have with State Street, we look forward to leveraging State Street’s technology with the scale and flexibility to meet the demands of our growth in the next decade.”
“We are honored to both extend and expand our partnership with UOBAM as it enters a new phase of growth that, with our State Street Alpha front to back platform, will enable a greater use of data and technology to efficiently scale its business,” said Kevin Hardy, head of Singapore and Southeast Asia at State Street. “Quality data is essential to asset managers, helping them uncover new investment insights, dynamically serve emerging stakeholder requirements and bring new products to market faster.”
Source: Company Press Release