State Street, which currently provides fund accounting, fund administration and custody for Seligman’s investment vehicles, will now provide the group with:
- trade support and settlement,
- portfolio recordkeeping,
- custodian communications for settlements, and
- systems network and applications support
These services will all be provided through State Street’s Investment Manager Solutions (IMS) business. Further, State Street will provide administrative support to Seligman’s managed account program through its Wealth Manager Services business.
Seligman will retain all functions that involve client service and contact.
According to a news release from the company, State Street will offer positions to Seligman staff assigned to operations slated for outsourcing.
According to John Clark, managing director and head of Operations and Systems for Seligman, “Our expanded partnership with State Street will enable us to focus more attention on investment management and client service, where we add the most value.”
As well as providing management and advisory services to institutional clients, J. & W. Seligman & Co. provides a range of retirement services.