Putnam workers go to State Street
Putnam Investments and The Putnam Funds have appointed State Street Corp. to provide servicing for $169 billion in assets, and about 250 Putnam employees joined State Street last month as a result of the mandate, State Street said today.
Putnam Investments and The Putnam Funds have appointed State Street Corp. to provide servicing for $169 billion in assets, and about 250 Putnam employees joined State Street last month as a result of the mandate, State Street said today.
Boston-based State Street will provide custody, fund accounting and investment manager operations outsourcing services in support of more than 450 retail, institutional, trust and offshore portfolios as Putnam consolidates its investment service providers, State Street said in a release.
“This mandate with Putnam is a testament to our ability to build on our customer relationships to provide additional solutions,” Jay Hooley, vice chairman and head of global investment servicing and investment research and trading at State Street, said in a statement.
State Street has provided custody services to Boston-based Putnam since 2003.
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