Legg Mason Global Asset Management has appointed State Street to provide fund administration and custodian services in the UK. Legg Mason has USD1bn of assets under management in UK-domiciled funds. State Street replaces BNP Paribas, which recently dismissed its securities services head, Jacques-Philippe Marson.
Bob Shepler, head of global funds administration at Legg Mason, said, "After a competitive process aimed at consolidating our current services, we have appointed State Street as the new fund administrator and custodian for Legg Mason's UK-domiciled fund business. We have an excellent existing fund service provider relationship with State Street in the US, Canada and Australia and firmly believe the service they offer best matches the future direction of our UK business."
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