State Street Corp. said Tuesday that it has been hired by Brandywine Asset Management in Wilmington, Del., to provide managed account outsourcing services.
The Boston banking company said it will supply accounting, performance measurement, portfolio administration, trade support, and investor reporting services for the managed account portfolios of the Legg Mason Inc. subsidiary. The business is to be serviced from State Street's New York operation under the direction of Thomas McKee, the senior vice president of wealth manager services.
Brandywine offers an array of equity, fixed-income, and balanced portfolios that invest in U.S., international, and global markets. At Dec. 31 it managed $18.5 billion for clients including public funds, corporations, educational institutions, Taft-Hartley plans, health-care organizations, and high-net-worth individuals.
The Delaware company has no affiliation with Brandywine Benefits Corp., a retirement benefit plan specialist, also in Wilmington, that was bought this month by Pennsylvania's Susquehanna Bancshares Inc.
