State Street will absorb 100 employees from the Morgan Stanley unit as part of the deal, according to a statement from the firms.

A major provider of financial services to institutional investors, State Street will handle trade settlement, portfolio administration and reporting and reconciliation services for a majority of MSIM’s assets under management. The two firms have been working together for four decades.

“We are very pleased to expand upon our long-standing partnership with State Street to ensure that MSIM remains well-positioned to deliver best-in-class investment operations and technology solutions to our investment teams and our clients,”  Joanne Pace, chief operating officer of Morgan Stanley Investment Management, said.