State Street Appointed by Deka Bank and Allianz Global Investors to Provide Range of Investment Services for €500 Billion in Assets

Appointment Strengthens State Street’s Fund Administration Business in Europe

Category:

Monday, May 9, 2016 7:25 am EDT

Dateline:

LONDON

Public Company Information:

NYSE:
STT
US8574771031

STT appointed by Deka Bank and Allianz to Provide Range of Investment Services for €500 Billion in Assets

LONDON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) announced today it has been appointed by Allianz Global Investors GmbH and DekaBank Deutsche Girozentrale to provide a wide range of investment services for more than EUR 500 billion in assets.

As part of the appointment, State Street will provide fund accounting, fund administration, data management, reporting, fund year-end and tax support services. 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.

Jeff Conway, chief executive officer of State Street in Europe Middle East and Africa (EMEA) said, “We are delighted to strengthen our relationship with Allianz Global Investors and look forward to starting a new one with DekaBank. 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,” continued Conway.

Michael Hartmann, chairman of the shareholders' committee of Dealis and Head of Operations Europe at Allianz Global Investors, added, “More than seven years ago Dealis was founded by Allianz Global Investors and DekaBank in order to establish a state-of-the-art provider for comprehensive fund administration services. This goal has been achieved. Now we want to expand Dealis’ business model and to create new perspectives. An excellent starting point to achieve those goals can be provided by a strong partner whose core competences are also fund administration services and who additionally offers a broad range of services in the custody of securities. With State Street, we have found this strong partner to create new perspectives for the service delivery in Germany.”

Daniel Kapffer, member of the shareholders' committee of Dealis, as well as COO Asset Management at DekaBank 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.”

Bernd Franke, CEO at Dealis, said, “With State Street, we have found a strong partner who constitutes a great fit for our business. Central KVG back office activities will be bundled into a combined platform providing unique end-to-end service capabilities and a strengthened product portfolio benefitting existing and prospect clients.”

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $27 trillion in assets under custody and administration and $2 trillion* in assets under management as of March 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.

* Assets under management include approximately $33 billion as of March 31, 2016, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.

About Allianz Global Investors

Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices in 18 countries, we provide global investment and research capabilities with consultative local delivery. We have more than EUR 442 billion in AUM for individuals, families and institutions worldwide and employ over 550 investment professionals.

At Allianz Global Investors, we follow a two-word philosophy: Understand. Act. It describes how we look at the world and how we behave. We aim to stand out as the investment partner our clients trust by listening closely to understand their challenges, then acting decisively to provide them with solutions that meet their needs.

Data as at 31 December 2015.

About Deka

DekaBank is the Wertpapierhaus (securities services provider) of the German savings banks. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 240 billion (as at 31/12/2015) and around four million securities accounts, making it one of the largest securities services providers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and tailors its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.

CORP-1955

Contact:

State Street Corporation
Noreen Shah, +44 2033957073
NShah@statestreet.com
@StateStreet
or
Anne McNally, +1617-664-8576
AEMcNally@statestreet.com

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