State Street Corporation has been appointed by Allianz Global Investors GmbH and DekaBank Deutsche Girozentrale to provide a wide range of investment services. It will provide fund accounting, fund administration, data management, reporting, fund year-end and tax support services, previously performed by Dealis Fund Operations, a joint venture of DekaBank and Allianz Global Investors. State Street will assume that firm’s technology infrastructure of Dealis Fund Operations as well as approximately 350 employees.
Jeff Conway, chief executive officer of State Street in Europe Middle East and Africa Michael Hartmann, chairman of the shareholders’ committee of Dealis and Head of Operations Europe at Allianz Global Investors, said: “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 the 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.”
Daniel Kapffer, a 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.”