State Street expands its servicing agreement with Principal Financial, adding custody and fund administration for mutual funds.
State Street Corporation (NYSE:STT) secured a mandate from Principal Financial Group to provide custody, fund accounting, and administration services for Principal Funds. The deal deepens a decade-long partnership between the firms and leverages State Street’s global operating infrastructure to support Principal’s mutual fund business growth.
The agreement builds on existing collaboration, including State Street’s servicing of Principal’s ETFs and collective investment trusts. Both companies expect the arrangement to enhance operational efficiency, accelerate speed to market, and align with Principal’s long-term growth strategy.
State Street offers financial products and services to institutional investors, including custody, trading, and investment analytics solutions. The expanded mandate reinforces its role as a large-scale investment servicing provider.