Blackstone Alternative Asset Management (BAAM) and Legg Mason have selected State Street Corporation to service liquid alternative funds.
As part of the deal, State Street will provide reporting, compliance, accounting, custody, settlement and analytics services to liquid alternative fund managers.
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According to State Street, liquid alternatives are alternative investment strategies that are available through investment vehicles such as mutual funds, ETFs or closed-end funds that provide daily, weekly or biweekly liquidity.
In addition, liquid alternatives will enable both retail and institutional investors to develop a diversified investment portfolio that manages risk and achieve risk-adjusted returns.
Alan Greene, executive vice president at State Street, said: "Our fully integrated technology platform takes care of the day-to-day back office functions of collateral management and offers one-stop shopping for reporting, compliance, accounting, custody, settlement and analytics. By taking the operational risk off their shoulders, we can help our clients focus on harnessing value from new sources."
Art Liao, CFO of BAAM, said: "The goal of implementing hedge fund strategies within the 40 Act rules in a multi-manager framework of hedge fund managers is extremely complex and underscores the importance of having the right partners making meaningful contributions."
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