State Street Corp. announced Monday that it will provide fund-manager operations to Evergreen Investments, Wachovia Corp.'s primary fund unit.
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State Street will provide Evergreen with trade matching and confirmation, data management, performance measurement, and portfolio record keeping for more than 2,500 portfolios with assets totaling $150 billion. Under the agreement, about 60 Evergreen employees will move to State Street.
State Street, of Boston, provides outsourcing services to investors and issuers. Evergreen, of Charlotte, had $249 billion of assets under management on Dec. 31.
