The suite includes, legal support, treasury, financial reporting, tax reporting, compliance and Blue Sky
State Street, a provider of financial services to institutional investors, has launched expense manager, a new service that helps collective fund providers lower the operational costs and risks associated with their fund expenses.
The company said that its expense manager service provides a service designed to replace manual or partially automated processes in customers’ fund operations. Integrated with State Street’s global accounting system, it automates the accruals, budgeting and payment processing of expense management, providing mutual and collective fund companies with the scale, accuracy and flexibility needed to effectively manage their expenses.
The company also said that its offering is a part of its integrated Fund Administration suite which includes, legal support, treasury, financial reporting, tax reporting, compliance, and Blue Sky, all designed to allow mutual fund providers to outsource of its operations for scale, and reduced operational cost and risk.
Pat Centanni, executive vice president and head of global product management at State Street, said: With the new expense manager service, as well as our fund administration expertise, collective funds can fully outsource their expense administration processes which will provide broader functionality, scalability and accuracy.
State Street Corporation is a provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. The company claims to operate in 27 countries and more than 100 geographic markets worldwide.