State Street will provide middle- and back-office services including fund administration, depository and trustee, global custody, transfer agency and data consolidation services.
The mandate comes as a win for State Street, after BlackRock announced plans to move $1 trillion of its clients’ assets under custody from State Street to J.P. Morgan.
The Allianz mandate is subject to approval from the boards of the applicable funds, and to customary regulatory approvals.
Jeff Conway, CEO for State Street in Europe, the Middle East and Africa, said: “We are delighted to expand our relationship with Allianz Global Investors and are looking forward to the next phase of this strategic partnership, which defines a new service model for leading asset managers.”
“State Street’s data consolidation and analytics capabilities are a cornerstone for creating a joint end to end operating model that will service Allianz Global Investors across all asset classes and jurisdictions and support their future growth. This mandate demonstrates the value of a true partnership with our client.”