Allianz Global Investors and DekaBank Deutsche Girozentrale have selected State Street to provide a wide range of investment services for more than EUR500bn in assets.
State Street will provide fund accounting, fund administration, data management, reporting, fund year-end as well as tax support services as part of the mandate.
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The services were previously performed by Dealis Fund Operations, a joint venture of DekaBank and Allianz Global Investors.
State Street will assume the technology infrastructure of Dealis Fund Operations as well as approximately 350 employees who are expected to join State Street.
State Street EMEA CEO Jeff Conway said: "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.
"We also look forward to welcoming the employees who will join State Street in Germany and Luxembourg. This new appointment continues to demonstrate that our established footprint in Europe provides a good foundation for future client opportunities."
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