State Street Corporation has been appointed by Fundsmith LLP to provide fund administration, shareholder services, and custody for its new SICAV UCITS IV feeder fund in Luxembourg.
State Street has provided the Fundsmith Equity Fund OEIC with custody, fund accounting, depository and portfolio trade execution solutions since its launch in the UK in November 2010.
Simon Godwin, chief financial officer, Fundsmith LLP, says: “Given the novelty of the SICAV feeder fund structure, the ability of our partner to address our needs and support the feeder structure was important and State Street gave us that. Further, by extending, our relationship we have gained the benefits of significant operational and cost efficiencies.”
Steve Smit (pictured), head of State Street’s Global Services and Global Markets businesses in the UK, Middle East and Africa said, “We are honoured that Fundsmith has extended its relationship with us to include its new SICAV feeder fund. UCITS IV clarifies the rules for cross-border fund mergers and we believe, as a pan-European administrator, that State Street can help asset managers address the complexity and cost of managing master feeders and pooling so they can focus on growing their investment strategies and distribution networks.”