First Eagle Funds has tapped State Street Corp. to provide custody services for its $27 billion of assets. The New York City-based fund firm is an affiliate of the international investment management firm Arnhold and S. Bleichroeder Advisers.
The two firms have an existing relationship dating back to 1987, when First Eagle Funds hired State Street as its fund accountant.
"State Street has provided us with excellent service quality over the tenure of our relationship," said Robert Bruno, chief operations and financial officer of First Eagle Funds. "We have also been impressed by the breadth of technology solutions that they offer that we have tailored to suit our needs."
State Street officials said that the custody agreement is one of a number of recently expanded relationships. Other cases in which fund firms added to the services they are purchasing from State Street include Charles Schwab, Halliburton and Bank of America's Columbia Management Group, said State Streetís Jay Hooley, executive vice president and head of global investment servicing at State Street.
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