State Street Corporation has been reappointed to provide custodian and fund administration services to UOB Asset Management (UOBAM) for a further ten years.

The agreement renews the two firms’ six-year partnership that started in 2017, with State Street providing UOBAM's Singapore business a broad range of solutions, including global custody, fund accounting, transfer agency, trustee services, investment operations, financial reporting and collateral management. Since then, the scope has expanded to support UOBAM's middle office in Malaysia and the launch of UOBAM’s first exchange-traded fund in Taiwan.

Mostapha Tahiri, State Street chief executive officer for Asia-Pacific, the Middle East and Africa, says: “This relationship has helped form the cornerstone of State Street's asset manager servicing business in Southeast Asia. The renewal is a testament to the quality of our service and solutions underpinned by technology. Our regional operating model, with an integrated and scalable asset servicing platform, is geared to address asset managers' future needs and support their business expansion globally."

Wijaya Elham, chief operating officer at UOBAM, notes that having a single provider supporting its middle and back office functions allows the firm to redeploy its resources and focus on delivering investment results and solutions to investors.