State Street is to service assets for ABN Amro Asset Management in the Netherlands, United Kingdom, Luxembourg, and Sweden. The service is to be phased in over two-and-a-half years beginning this summer.
As part of the mandate, State Street is to expand its operations in Amsterdam and develop a fund servicing center, hiring about 110 employees of the ABN Amro asset unit.
The ABN Amro unit has $88.67 billion of assets under management in Europe. It will keep its current custody arrangements intact.
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