State Street Corp. agreed to assume the technology infrastructure of Dealis Fund Operations, a fund administration joint venture of DekaBank Deutsche Girozentrale and Allianz Global Investors, said State Street spokeswoman Anne McNally.
As part of the agreement, Dealis Fund Operations' approximately 350 employees are also expected to join State Street.
State Street is doing this as part of a deal under which it has been appointed by Allianz Global Investors and DekaBank to provide investment services for more than €500 billion ($572 billion) of assets.
State Street will provide fund accounting, fund administration, data management, reporting and tax support services. These services were previously performed by Dealis Fund Operations.
State Street had $27 trillion in assets under custody and administration as of March 31.