State Street has been appointed by Columbia Threadneedle Investments, the 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 U.S. and Europe with USD431bn AuM.
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 U.S. pooled funds, are expected to transfer to comparable roles at State Street. In Europe, Columbia Threadneedle will consolidate fund accounting, administration, depositary and custody services for its UK and Luxembourg-based pooled funds with State Street.