Business & Finance
Thu, May 31, 2012
BOSTON--([ BUSINESS WIRE ])--State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has won Custody Risk magazineas 2012 Outsourcing Provider of the Year award for the second consecutive year.
"State Street is committed to continually evolving and helping our clients navigate the changing market environment as not as a product provider but as a solutions partner."
The Custody Risk Americas Awards recognize outstanding achievers in the securities services industry in both North and South America. The selection criteria included an evaluation of client wins and renewals, outsourcing services provided and innovations in services, cost control initiatives, and factors that differentiated the company from its competitors.
aWe are honored to once again be recognized by Custody Risk as Outsourcing Provider of the Year,a said Jeff Conway, executive vice president and head of State Streetas Investment Manager Services business. aIn todayas market environment, increasing product and operational complexity, new regulations, falling profitability and a need to focus on core competencies are driving asset managersa need for outsourcing. Recent research by State Street underscores asset managersa concerns about their ability to bring products to market quickly and deliver on increased client and regulatory reporting needs. To address the increased complexity arising from regulation and globalization, they are seeking closer partnerships with service providers, and State Street helps clients focus on their core business strategies by providing a comprehensive suite of outsourcing services backed by advanced technology.a
State Street provides outsourcing services for more than $8 trillion in assets1 including transaction management, investment recordkeeping, reconciliation, corporate action processing, data management, performance measurement, client reporting, OTC derivatives processing, collateral management and valuation. Some of the new solutions launched in the last year include a Collateral Tracking service and the State Street SpringboardSM mobile app. The Collateral Tracking service helps asset managers and owners accurately assess and manage counterparty risk through up-to-date reporting of all collateral movements. The State Street Springboard mobile application for the iPad allows clients to view essential portfolio information and leverages content and information from my.statestreet.com, State Streetas online information delivery platform.
aAs asset managers seek fresh strategies and redefine their operational framework, product position and growth potential, new relationships are being forged between investors and service providers,a said Conway. aState Street is committed to continually evolving and helping our clients navigate the changing market environment as not as a product provider but as a solutions partner.a
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $23.2 trillion in assets under custody and administration and $2 trillion* in assets under management at March 31, 2012, State Street operates in 29 countries and more than 100 geographic markets. For more information, visit State Streetas web site at [ www.statestreet.com ].
* This AUM includes the assets of the SPDR Gold Trust (approx. $68 billion as of March 31, 2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
1 As of March 13, 2012
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