Barclays Global Investors of London has chosen Investors Financial Service Corp. of Boston to conduct operations for Barclays' U.S.-based asset administration unit, Investors Financial announced last week. The contract is expected to become effective in the second quarter of 2001, according to a statement. The terms of the agreement were not disclosed.
Barclays Global Investors, the world's largest institutional investment manager, currently provides accounting, administration and other back-office functions for its clients through its asset administration unit. Barclays' asset administration unit serviced approximately $473 billion in assets as of March 31, according to Investors Financial. The unit will now become part of Investors Bank & Trust Company, a wholly-owned subsidiary of Investors Financial. When the deal is completed, Investors Financial will service over $787 billion in assets and will calculate 2,200 net asset values daily.