fund accounting, custody and investment operations will be handled by State Street
, State Street disclosed on Wednesday. The companies entered into negotiations on the deal in November.
66 Investec employees located in Cape Town and London have already moved over to State Street.
"The outsourcing agreement with State Street allows Investec Asset Management to focus on its core business of managing client's assets and follows a growing trend in the fund management industry to outsource non-core functions," said Hendrik du Toit, chief executive officer of Investec Asset Management.
"The mandate with Investec will augment State Street's existing fund servicing capabilities in South Africa, which are fully scaleable to support additional fund managers throughout the region" said State Street officials. The company provides services in South Africa through Nedcor Ltd.
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