Schwab Taps State Street for Fund Services

State Street is the leading provider of fund accounting in the United States, servicing more than 40% of the mutual fund industry. CSIM represents more than 67 funds in total and $140 billion in assets.

“Our goal is to move from a complex structure of several outside vendor relationships to a simpler one, consolidating to gain efficiency,” said George Pereira, chief financial officer of CSIM, in a State Street press release. “The new fund accounting and custody structure we have implemented will offer numerous benefits, including a simpler and more scalable operating structure, a more efficient shareholder reporting process and tighter risk management.”