State Street Corporation (NYSE:STT) announced today it has entered into an alliance with Coremont to provide fully integrated outsourcing services for hedge fund managers, covering front, middle and back office operations.
This alliance combines Coremont’s portfolio management analytics and support with State Street’s asset servicing and administration capabilities to power the entire investment lifecycle from trading to risk management to NAV production. The offering spans all major asset classes including Fixed Income, Currencies, Equities, and Commodities, with strong coverage in derivatives modelling and processing.
“This announcement marks a transformation in how hedge funds can be serviced, highlighting the invaluable insights data can bring when combined with new technologies,” said Paul Fleming, global head of Alternative Investment Services at State Street. “Through this solution we are providing our clients with a single, consolidated set of records between portfolio managers and administrators, ensuring greater transparency and reduction of errors.”
“This alliance represents the fruit of our long-standing collaboration with State Street,” said Jev Mehmet, chief executive officer at Coremont. “It underlines our shared commitment to technological and operational excellence in the support of emerging and established managers of all styles and asset classes.”
About State Street Corporation
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 $31.86 trillion in assets under custody and/or administration and $2.69 trillion* in assets under management as of March 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com..
*Assets under management as of March 31, 2020 includes approximately $50 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
Coremont LLP is an FCA-regulated financial services firm which was spun out from Brevan Howard in early 2018, with offices in London, New York and Hong Kong. Coremont provides web-based portfolio management tools and outsourcing services across all investment management functions, including Risk Analysis, Treasury and Operations. Coremont’s offering includes the full hosting of pricing and analytics in support of portfolio managers and investment professionals across all asset classes.