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State Street Global Advisors Awarded Two Investment Mandates by UK National Employment Savings Trust Corporation

^{Published on 2011-02-04 16:35:37 - Market Wire}
 

BOSTON & LONDON--([ BUSINESS WIRE ])--State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYSE: STT) today announced that it has been awarded two of the five available investment mandates by the U.K. National Employment Savings Trust Corporation (NEST).

SSgA was awarded the passive UK index linked gilt and conventional gilt investment mandates after a competitive procurement process.

Kanesh Lakhani, head of State Street Global Advisors, UK commented: aWe are delighted to have been awarded two of the five available investment mandates by NEST. We are particularly pleased that our fixed income fund management capabilities have been recognised in the NEST procurement process. This is a great opportunity to work for what will be a significant step in UK pension savings. SSgA already works with many of the worlda™s largest pension funds managing a range of investment strategies to deliver on our clients' investment objectives.a

NEST (National Employment Savings Trust) is a new pension scheme in the UK created to help employers meet new legal duties to automatically enrol workers into a workplace pension scheme, to be introduced in the UK in 2012. The scheme will serve up to six million workers in the UK who have no occupational pension provision. It will operate as a trust-based occupational pension scheme run by NEST Corporation.

Last November, State Street was also awarded the contract for fund administration services for NEST.

About State Street Global Advisors

State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street, one of the worlda™s leading providers of financial services to institutional investors.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment management, investment research and trading and investment servicing. With USD$21.5 trillion in assets under custody and administration and USD $2 trillion in assets under management at December 31, 2010*, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Streeta™s website at [ www.statestreet.com ].

* This AUM includes the assets of the SPDR Gold Trust (approx. $56 billion as of December 31, 2010), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.

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