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M&G outsources middle-office to State Street
State Street has won a mandate to supply middle office functions to M&G Corporate Services.
The deal will see a number of M&G employees transferred to State Street’s London office as of July 1 as the asset manager looks to reduce its operational overheads.
Many of the services will be delivered via BlackRock’s Aladdin system, which is licensed by M&G, and then administered by State Street.
The US asset servicer has been providing M&G with fund accounting and custody services for the best part of a decade.
The new agreement will see the outsourcing of further middle office functions including portfolio services, reference data, cash reporting, transaction management and recordkeeping.