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State Street and FundGuard Announce Strategic Partnership to Deliver Accounting Solutions for State Street Alpha
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
State Street (NYSE:STT) has partnered with FundGuard to integrate their cloud-native investment accounting solution into the State Street Alpha platform. This strategic move aims to enhance State Street's accounting services, enabling clients to gain critical insights into their investment performance. FundGuard's technology will streamline processes from portfolio management to custody operations. State Street Alpha is recognized as the first modern cloud-native platform offering comprehensive financial services for institutional investors, with over $38.2 trillion in assets under custody.
Positive
Partnership with FundGuard enhances State Street Alpha's accounting capabilities.
Integration offers improved operational efficiency and streamlined data processing.
Negative
None.
BOSTON--(BUSINESS WIRE)--
State Street (NYSE:STT) announced today that FundGuard has been selected to serve as a strategic accounting solution for State Street Alpha. FundGuard is a highly scalable cloud-native investment accounting, fund accounting, and contingency NAV solution. The FundGuard accounting solution will be integrated for straight through processing from portfolio management and trading in the Charles River Investment Management Solution through to custody and administration. A co-engineered technology-only solution that spans front office and accounting capabilities will also be natively available within the platform for Charles River clients.
“FundGuard has created a leading next generation multi-book accounting engine and we are excited to work with them as a strategic partner within the Alpha platform to better serve our clients,” said John Plansky, head of State Street Alpha. “Accounting services are a fundamental pillar of Alpha, and embedding FundGuard’s capabilities into our platform will provide clients with the critical data they need to transact and better understand the performance of their investments.”
State Street Alpha is the investment industry’s first modern cloud-native platform that offers institutional investment and wealth managers integrated functionality to support portfolio management, compliance, trading, accounting, performance measurement, fund administration and custody functions, underpinned by a common data platform and enterprise data management.
“The selection of our firm by State Street marks a very exciting moment for FundGuard,” said Lior Yogev, CEO and Co-Founder, FundGuard. “Our technology has enabled clients to be more operationally efficient and bring new and innovative products to market faster. Integrating our investment accounting utility into State Street Alpha presents us with a key opportunity to manage the speed and volume of data and deliver the real-time insights clients are looking for.”
FundGuard’s capabilities will ultimately be implemented by State Street for its Alpha clients that offer mutual funds and ETFs, alternatives, insurance, and pensions.
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 $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2022 includes approximately $66 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About FundGuard
FundGuard is a next-generation SaaS platform for investment management and administration, powered by AI. Their offering helps asset managers and fund administrators to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds, supporting digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud. FundGuard is backed by strategic partners including Citi and State Street, venture firms Blumberg Capital, LionBird Ventures, and Team8 Capital among others, as well as industry executives Heidi Miller, Jack Klinck, Jay Mandelbaum and others. Please visit www.fundguard.com for more information.
What is the partnership between State Street and FundGuard about?
State Street and FundGuard have partnered to integrate FundGuard's investment accounting solution into the State Street Alpha platform, enhancing accounting services.
How does FundGuard's solution benefit State Street Alpha clients?
FundGuard's solution provides clients with critical data and insights to better understand their investment performance and improve transaction processes.
What are the assets under custody for State Street?
As of June 30, 2022, State Street has over $38.2 trillion in assets under custody and/or administration.
What services does State Street Alpha offer?
State Street Alpha provides integrated functionality for portfolio management, compliance, trading, accounting, performance measurement, fund administration, and custody.
When was the partnership with FundGuard announced?
The partnership between State Street and FundGuard was announced on the date of the press release, October 6, 2022.
