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OUTSOURCING MANDATES

If it looks like a duck, walks like a duck and quacks like a duck...

No two people can entirely agree on what outsourcing actually is, but here is my best effort at recording deals that seem to satisfy most criteria.

This is probably the most comprehensive list of outsourcing transactions you are likely to see. And, as always, I can only record what is formally reported, not deals that are only hinted at or remain unpublished.

YEAR	CLIENT	CUSTODIAN	REGION	PRIMARY FUNCTION
2008	Nicholas Investment Partners	SEI	US	Investment operations
2008	Frost Investment Advisors	SEI	US	Investment operations
2008	Lazard Asset Management	State Street	US	Investment operations
2008	Hermes Fund Managers	Northern Trust	UK	Investment operations
2008	Silver Creek Capital Management	SEI	US	Investment operations
2008	NorthPointe Capital	BNY Mellon	US	Investment operations
2008	Graham Capital Management	SEI	US	Investment operations
2008	AustralianSuper	JPMorgan	Australia	Private equity administration
2008	Cowen Asset Management	BNY Mellon	US	Investment operations
2007	O'Shaughnessy Asset Management	BNY Mellon	US	Managed accounts administration, institutional investment operations
2007	Huber Capital Management	BNY Mellon	US	Back-office administration
2007	Logan Circle Partners	BNY Mellon	US	Back-office administration
2007	Vontobel Asset Management	Northern Trust	US	Investment operations
2007	AIC/Copernican Capital	Citigroup	CAN	Fund administration
2007	Generation Investment Management	Northern Trust	UK	Investment operations
2007	Putnam Investments	State Street	US	Investment operations
2007	HM Capital Partners	JPMorgan	US	Private equity administration
2006	Old Mutual Asset Managers	JPMorgan	South Africa	Investment operations
2006	BGI	JPMorgan	Europe	Investment operations
2006	Evergreen Investments	State Street	US	Investment operations
2006	Focused Investors	Mellon	US	Back-office administration
2006	Grafische Bedrijfsfondsen	KAS BANK	Netherlands	Investment operations
2006	AEGON	Citigroup	Netherlands	Investment operations
2006	Threadneedle Investments	JPMorgan	UK	Investment operations
2006	ING	BNP Paribas	Belgium, Luxembourg	Fund administration
2006	Henderson Global Investors	JPMorgan	UK	Hedge fund administration
2006	Royal London Asset Management	HSBC	UK	Investment administration
2006	Dimensional Fund Advisors	Citigroup	US	Middle-office operations
2006	ClariVest Asset Management	Mellon	US	Investment operations
2006	Schroder Investment Management	BNY	US	Investment operations
2006	Paloma Partners	JPMorgan	US	Back-office operations
2006	Evercore Asset Management	Mellon	US	Back-office operations
2006	Provident Investment Counsel	Mellon	US	Back-office operations, institutional clients
2005	F&C Netherlands	ABN AMRO Mellon	NL	Client and fund administration
2005	Martin Currie Investment Management	BNP Paribas	UK	Middle office and accounting services
2005	Hermes Pensions Management	The Bank of New York	UK	Investment operations
2005	Bjurman, Barry	BISYS	US	Mutual fund administration
2005	Winterthur Life UK	Citigroup	UK	Fund accounting and administration
2005	Lee Munder Capital Group	JPMorgan	US	Separately managed accounts administration
2005	Gartmore Global Investments	JPMorgan	US	Separately managed accounts administration
2005	Julius Baer Investments Ltd	Northern Trust	UK	Investment operations
2005	Origin Asset Management	HSBC	UK	Investment operations
2005	Stephens Investment Management	Mellon	US	Investment operations
2005	Standard Life Investments	The Bank of New York	UK	Mutual fund administration
2005	ING Investment Management	The Bank of New York	NL	Trade processing
2005	AEGON Asset Management UK	Citigroup	UK	Investment operations
2005	Old Mutual Asset Managers	Royal Bank of Canada	UK	Fund administration
2005	Brandywine Asset Management	State Street	US	Managed accounts administration
2005	Copper Rock Capital Partners	Mellon	US	Institutional investment operations
2005	Clover Capital Management	Mellon	US	Managed accounts administration
2005	Insight Investment	Northern Trust	UK	Investment operations
2005	Aviva	JPMorgan Chase	LUX	Fund accounting
2005	Vontobel Asset Management	Citigroup	US	Managed accounts administration
2004	ABN AMRO Asset Management	State Street	EUR	Investment operations
2004	Investec Asset Management	State Street	UK/SA	Institutional fund administration
2004	Allianz Dresdner Asset Management	State Street	DE/US	Investment operations
2004	Govt of Singapore Investment Corp.	State Street	US/CAN	Investment operations
2004	AXA Investment Managers	State Street	UK/DE/FR	Investment operations
2004	Insight Investment	The Bank of New York	EUR	Mutual fund administration
2004	RCM	The Bank of New York	UK	Investment operations
2004	Threadneedle Investments	The Bank of New York	UK	Retail fund administration
2004	BNP Paribas Asset Management	BNP Paribas	FR	Investment operations
2004	Royal London Asset Management	JPMorgan Chase	UK	Fund accounting
2004	Julius Baer Investment Management	Northern Trust	US	Institutional investment operations
2004	Old Mutual Investment Partners	Mellon	US	Managed accounts administration
2004	Hotchkis & Wiley Capital Management	Mellon	US	Investment operations
2004	TIAA-CREF Asset Management	Mellon	US	Institutional investment operations
2004	HSBC Asset Management	HSBC	UK	Investment and treasury operations
2003	AXA Investment Managers	The Bank of New York	US	Investment operations
2003	MIR Investment Management	BNP Paribas	Australia	Investment operations
2003	Liontrust Asset Management	The Bank of New York	UK	Retail fund administration
2003	Voyageur AM	The Bank of New York	US	Private client investment operations
2003	ABN AMRO	The Bank of New York	US	Managed accounts operations
2003	Majedie AM	The Bank of New York	UK	Fund administration
2003	ING	The Bank of New York	US	Managed accounts operations
2003	RCM Capital Management	The Bank of New York	US	Investment operations
2003	Swiss Life Asset Management	State Street	BEL	Investment operations
2003	F&C Management	Mellon	UK	Institutional investment operations
2003	Morley Fund Management	JPMorgan Chase	UK	Investment operations
2003	Gartmore Fund Managers	HSBC	EUR	Investment operations
2003	Standard Life Investments	Citigroup	UK	Institutional investment operations
2002	Seligman	State Street	US	Investment operations
2001	Barclays Global Investors	Investors Bank & Trust	US	Investment operations
2000	PIMCO	State Street	US	Investment operations
2000	Scottish Widows Investment Partnership	State Street	UK	Investment operations
2000	TCW	Mellon	US	Investment operations
2000	Schroder Investment Management	JPMorgan Chase	UK	Investment administration
2000	Julius Baer	The Bank of New York	UK	Fund administration
1999	JPMorgan Asset Management	The Bank of New York	Global	Investment operations