Legg Mason appoints State Street as UK fund custodian

Legg Mason Global Asset Management has appointed State Street to provide its fund administration and custodian services in the UK.

State Street will replace Legg Mason's existing service provider, BNP Paribas, following an independent external review. The appointment will take effect by the end of Q1.

The firm, which has $1bn of assets under management in UK-domiciled funds, already uses State Street's administration and custodian services within its US, Canadian and Australian operations.

"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," Legg Mason head of global funds administration Bob Shepler says.

"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."