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State Street Announces Intent to be Appointed Provider of Front-to-Back Investment Servicing Platform to Lazard Asset Management

Company Release - 6/11/2019 8:30 AM ET

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE:STT) today announced that it has entered into a letter of intent with Lazard Asset Management LLC (“LAM”) which, subject to entering into definitive agreements, will result in LAM adopting State Street’s Front-to-Back investment servicing platform.

LAM, a preeminent global asset manager, has been a long term customer of Charles River Development (CRD) through its Charles River Investment Management Solution (Charles River IMS), and of State Street’s middle and back office investment servicing solutions. As part of the transition to State Street’s Front-to-Back platform, LAM plans to adopt CRD’s Software-as-a-Service solution (SaaS) and additional front-to-back services from State Street for its equities and multi-asset investment businesses. The platform and related technology are also expected to enhance the existing middle and back office services provided to LAM’s broader investment platform. In addition, LAM will expand its middle and back office servicing relationship to include the support of its alternative investments business.

“We are delighted with the prospect of LAM becoming a client of State Street’s Front-to-Back investment servicing platform,” said Lou Maiuri, Chief Operating Officer, State Street. “We have a long-standing relationship with the firm and believe the solutions we can provide will support their business needs. Today’s announcement is evidence of the CRD acquisition enabling us to deepen and grow client relationships and deliver positive results for our shareholders.”

After definitive agreements are reached, LAM will become a member of the Charles River Development Client Advisory Board, which was established earlier this year, and now has 17 member firms globally. The Board is a forum for CRD clients to provide input and advice regarding industry developments and CRD’s strategic product and services direction.

Charles River IMS is a front-and middle-office technology platform used by more than 300 institutional, wealth and alternative investment firms globally. The Charles River IMS automates front and middle office workflows helping to deliver accurate and timely data, analytics and investment decision support tools to institutional, wealth and alternative investment firms globally. State Street Corporation acquired CRD in 2018 to deliver the industry’s first-ever Front-to-Back investment servicing platform. When fully implemented, the platform will harmonize data, technology and services across the investment lifecycle so clients can overcome silos, work smarter and stay in synch. With a single source of data truth, it will enable clients to make better investment decisions and better manage their business on a completely open platform.

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 servicing, investment management and investment research and trading. With $32.6 trillion in assets under custody and administration and $2.8 trillion* in assets under management as of March 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of March 31, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

State Street Corporation One Lincoln Street, Boston, MA 02111-2900.

© 2019 State Street Corporation - All Rights Reserved

About Charles River, a State Street Company

Charles River Development, a State Street Company, offers solutions that are designed to enable sound and efficient investing across all asset classes. Investment firms in more than 40 countries use Charles River IMS to manage more than US$25 Trillion in assets in the institutional investment, wealth management and hedge fund industries. Our SaaS is designed to automate and simplify investment management on a single platform – from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Headquartered in Burlington, Massachusetts, we support clients globally with more than 750 employees in 11 regional offices. For more information, please visit www.crd.com.

Forward-Looking Statements

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about State Street and LAM’s plans to complete an expansion of their investment servicing relationship, which expansion is subject to completion of definitive agreements between them, their affiliates or fund vehicles, approval of applicable boards and shareholders and customary regulatory approvals. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “will,” “"priority," “objective,” “designed,” “plan,” “strategy,” “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek,” “may,” “trend,” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing expectations or beliefs of State Street as of any time subsequent to the time that this News Release is first issued. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in the 2018 Annual Report on Form 10-K of State Street, and its subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time that this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

State Street Corporation One Lincoln Street, Boston, MA 02111-2900.

© 2019 State Street Corporation - All Rights Reserved

Expiration date: June 30, 2020

Brendan Paul
+1 617 943 5368
Bpaul2@statestreet.com
@StateStreet

Ilene Fiszel Bieler
+1 617 664 4122
IFiszelBieler@StateStreet.com
@StateStreet

Source: State Street Corporation