Business & Finance
Business and Finance
Business and Finance
Thu, February 12, 2009 State Street Global Advisors Appointed by Genworth Financial Wealth Management to Manage Tactical Asset Allocation Portfolios u
BOSTON--([ BUSINESS WIRE ])--State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), today announced that it has been appointed as a portfolio strategist firm by Genworth Financial Wealth Management, Inc, a Genworth Financial, Inc. company (NYSE: GNW), to manage a series of six tactical asset allocation portfolios. The portfolios will be implemented using State Street's industry-leading SPDR Exchange Traded Funds (ETFs)*.
These portfolios, which reflect a range of risk profiles, are made available to high net worth clients via Genworth Financial Wealth Management's independent financial advisor distribution channel. Genworth Financial Wealth Management is an investment management and consulting firm dedicated to helping advisors build great businesses.
"We are delighted to bring SSgA's sophisticated institutional investment management skill to the retail market through an offering that combines their strengths in asset allocation and ETFs," said Michael Abelson, senior vice president Product Management at Genworth Financial Wealth Management, Inc. "The addition of State Street Global Advisors as a Genworth portfolio strategist will further enhance our industry leading investment management platform."
SSgA's Global Asset Allocation team manages more than $170 billion (as of December 31, 2008) in total assets. State Street is one of the largest ETF providers in the United States with more than $159 billion ETF assets under management (as of December 31, 2008). Today, State Street's family of SPDR Exchange Traded Funds allows investors to choose from 82 ETFs in the US.
"Genworth Financial Wealth Management's selection of State Street Global Advisors reinforces the growing popularity of tactical asset allocation models powered by SPDR ETFs," said Michael Dalis, managing director at State Street Global Advisors. "This appointment is a great example of how leading financial services companies are leveraging our wide ranging investment product and service expertise to meet their clients' needs."
About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement & Protection, US Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com.
About State Street Global Advisors
State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in assets under management at December 31, 2008, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and offices in 27 cities worldwide. For more information, visit State Street Global Advisors at [ www.ssga.com ].
*As of December 31, 2008, SPDR ETFs are advised by SSgA Funds Management Inc., a registered investment adviser and a wholly owned subsidiary of State Street Corporation.
ETFs trade like stocks, are subject to investment risk and will fluctuate in market value.
The "SPDR®" trademark is used under license from The McGraw-Hill Companies, Inc. ("McGraw-Hill"). No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by McGraw-Hill. Standard & Poor's®, S&P®, SPDR®, S&P 500® and Select Sector SPDRs® are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by State Street Bank and Trust Company.
Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 1-866-787-2257 or visit [ www.spdrs.com ].Read it carefully.
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