About 100 employees of Morgan Stanley Investment Management are moving to State Street Corp. as part of a deal under which the Boston-based financial firm will provide investment management services for some $300 billion in assets.
State Street will provide MSIM with global outsourcing services including trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIM's assets under management.
Most of the workers involved are in the U.S., State Street told InvestmentNews. The firms didn't say what levels of employees are moving.
Reuters notes that State Street is trying to morph from handling simple custody to also dealing with "more complicated areas of money management services."