Morgan Stanley Investment Management has appointed State Street Corporation to provide outsourcing services for approximately $300 billion in assets.

State Street, which provides trade sourcing to institutional investors, will provide trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIM’s assets under management. The firm will take on around 100 Morgan Stanley staff as a result of the deal.

“In the period of rapid expansion within the global markets over the past decade, many investment managers’ legacy technology systems need significant investment to keep pace with the servicing requirements of innovative new investment strategies,” said Jay Hooley, president and chief operating officer of State Street Corporation. 

State Street provides services for more than $6 trillion in middle office assets to clients globally covering trade matching, settlement through performance and client reporting functions via its accounting, custody and fund administration services.