State Street is taking over Dealis Fund Operations, a joint venture by Allianz Global Investors and DekaBank, and will be providing investment services for €500 billion in assets.
State Street will now provide fund accounting, fund administration, data management, reporting and tax support services for Allianz and DekaBank.
It will use the Dealis technology infrastructure, and 350 Dealis staff members are expected to join State Street’s offices in Germany and Luxembourg.
Dealis was set up in a joint project in 2009 to provide investment services for Allianz and DekaBank.
Daniel Kapffer, COO of asset management at DekaBank and a member of the Dealis shareholders’ committee, said: “Through the involvement of a globally integrated and leading service provider for fund administration, we can successfully establish a strategic partnership offering added value, also with regard to our savings bank customers’ demand for quality.
“Moreover, due to economies of scale regulatory and fiscal requirements can be achieved more efficiently.”
Jeff Conway, CEO of State Street for Europe, the Middle East and Africa, added: “This appointment builds on our position as a leading service provider for fund administration and reflects State Street’s strong commitment to Germany as one of our key markets in Europe.”
“With an expanded technology infrastructure, our clients will benefit from an enhanced product offering and end-to-end technology platform.”
