State Street has announced its appointment by Fundsmith to provide fund administration, shareholder services, and custody for its new SICAV UCITS IV feeder fund in Luxembourg, building on a year-long relationship.
State Street has provided the Fundsmith Equity Fund OEIC with custody, fund accounting, depository and portfolio trade execution solutions since its launch in the UK in November 2010.
Steve Smit, head of State Street’s Global Services and Global Markets businesses in the UK, Middle East and Africa said, “UCITS IV clarifies the rules for cross-border fund mergers and we believe, as a pan-European administrator, that State Street can help asset managers address the complexity and cost of managing master feeders and pooling so they can focus on growing their investment strategies and distribution networks.”
