State Street Corporation (NYSE:STT) announced today that it has been appointed by Columbia Threadneedle Investments, the global asset management group of Ameriprise Financial, Inc., to provide expanded fund accounting, administration and custody services for Columbia Threadneedle’s pooled funds, including ETFs, in the US and Europe with $431 billion in assets.

“We have enjoyed a successful decades-long relationship with Columbia Threadneedle and look forward to helping them continue their commitment to operational excellence and expanding our services to support the next phase of their growth,” said Joerg Ambrosius, president of Investment Services at State Street. “As leading asset managers look to build scale and expand into new markets, we are well-positioned to provide them with full-service solutions.”

State Street has provided back-office services to various legacy Columbia Threadneedle mutual funds going back to the 1990s, as well as servicing back and middle office business from Columbia Threadneedle’s acquisition of BMO Financial Group’s EMEA Asset Management business in 2021.

As part of this mandate, more than 100 Columbia Threadneedle employees, who provide fund accounting and administration services to Columbia Threadneedle’s US pooled funds are expected to transfer to comparable roles at State Street.

In Europe, Columbia Threadneedle will further consolidate fund accounting, administration, depositary and custody services for its UK and Luxembourg-based pooled funds with State Street, building on an existing and long-standing relationship between the firms.

“We are delighted to expand our relationship with State Street as they support our growth agenda, providing valuable and scalable expertise, capabilities and resources,” said David Logan, Head of EMEA and Global Business Operations at Columbia Threadneedle. “Our partnership will provide continuity of services to our clients and support our continued focus on client service excellence.”