The outsourcing of investment operations has received almost as many column inches, admittedly in the trade press, as the romance between Brad Pitt and Angelina Jolie has in the tabloids over the past year. Spanning the systems and functions that support investment decision-making – extending through to the middle office – the expanded outsourcing model may not produce such good photo opportunities as "Brangelina" but it has certainly generated its share of hype.

In Europe beyond the UK, however, outsourcing tends to involve traditional, back-office investment administration, including fund accounting, daily fund pricing, transfer agency and custody, trustee depository. State Street's high-profile deals with ABN Amro Asset Management in the Netherlands and Axa Investment Management in France are the exceptions that prove the rule.