State Street has entered into an agreement with Invesco Ltd., the U.S.-based asset manager with USD1.4trn AuM, which will result in Invesco adopting State Street Alpha, the first front-to-back asset servicing platform from a single provider for institutional and wealth management firms. The migration to Alpha is intended to simplify Invesco’s investment infrastructure to improve scale, reduce risk and improve operating efficiency. The integration will begin in Q2 2021 with a phased roll-out targeted to be completed in late 2024.
State Street currently provides accounting and custody services to Invesco and will now add middle-office services. Through this expanded relationship, where Invesco will fully implement State Street’s Alpha platform, new services will include:
- Charles River Development across Invesco’s front office operations for both equities and fixed income;
- Alpha Data management platform. moving Invesco to a SaaS operating environment via Microsoft Azure;
- Middle-office outsourcing for equity and fixed income products; and
- Integration of various third-party data, including MSCI (data services).