State Street Corporation announced today that it has been appointed by Russell Investments to service its new Irish domiciled common contractual fund (CCF). State Street’s operation in Ireland will provide custody and fund administration services to the new Common Contractual US Equity Plus Fund, which is available to institutional investors.
State Street is Russell’s preferred service provider for core services including custody, accounting, administration, and transfer agency services and has enjoyed a longstanding relationship with the group. Today, close to 100 funds are serviced by the State Street team in Ireland for Russell Investments.
“We are pleased to expand our relationship with State Street as we launch this new product in the Irish market,” said Jim Firn, general counsel, EMEA, Russell Investments. “The CCF structure allows us to optimise returns for our clients, and compliments our existing range of Irish fund structures. State Street’s proven ability to administer the complexity related to the transparent nature of the product positions us well to develop this product into new markets.”
Commenting on today’s announcement, William Slattery, executive vice president and country head for State Street in Ireland said, “As a leader in the provision of services to common contractual funds, we are delighted to have been chosen as Russell’s service partner for this product. We greatly value our long-standing relationship with Russell Investments, and are particularly pleased to work with them as they create and launch innovative new structures such as this CCF.”
Russell Investments is the largest global manager-of-managers and creator of the Russell indexes. Russell’s consulting practices provide advice to large institutional investors. Investment services include investment overlay services, agency FX trading, commission recapture, and transition management services. Russell manages a total of $149.3B AUM as of 30 September 2010, on behalf of individual and institutional investors in more than 46 countries. More than 2,000 employees are located in more than 25 offices across North America, Europe, Australia, Asia, and Africa.
Since its entry into the Irish market in 1996, State Street has grown to be one of the country’s largest fund administrators and custodians. State Street also provides fund management services to institutional and private investors and recently acquired Bank of Ireland Asset Management, further expanding its footprint in Ireland. State Street has more than 2,000 employees in Ireland and has offices in Dublin, Drogheda, Kilkenny and Naas.