ABN AMRO outsources asset management division to State Street

ABN AMRO Asset Management and State Street Corporation (State Street) have announced that they have reached an agreement whereby State Street will provide fund administration and investment operations services for ABN AMRO Asset Management in Europe, namely in the Netherlands, the UK, Luxemburg and Sweden. The services will be phased in over a two and a half year period commencing this summer. As part of the mandate, State Street will expand its operations in Amsterdam and develop a fund servicing centre with approximately 110 ABN AMRO Asset Management staff transferring to State Street. Custody services are not part of this arrangement and will remain with incumbent providers. The agreement was reached after a careful review of solutions aimed at supporting ABN AMRO Asset Management's business growth while maintaining and enhancing its client service.

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