LONDON & BOSTON--(BUSINESS WIRE)--Dec. 15, 2003--
Expansion of Investment Servicing Relationship Underscores
State Street's Breadth of Capabilities
State Street Corporation (NYSE: STT), the world's leading
specialist in meeting the needs of institutional investors, announced
today that it has been appointed by the Tate & Lyle Group Pension
Scheme to provide securities lending services for its GBP 600 million
(US$1 billion) pension fund. In January 2003, State Street was
appointed to provide global custody and investment accounting services
for Tate & Lyle.
"We are delighted to expand our relationship with Tate & Lyle to
include securities lending services, and we look forward to working
together with them to achieve their investment goals," said Bob Ash,
London-based senior vice president and head of State Street's
securities finance activities in Europe, the Middle East, and Asia.
"We are pleased to see increasing numbers of organizations recognizing
the value of a securities lending program, and we see great
opportunities for growth in securities financing activities
worldwide."
"State Street worked diligently with us to fully understand our
unique requirements and to develop a securities lending program that
would fit our investment style," said Viv Tierney, financial
controller and secretary to the trustee of the Tate & Lyle Group
Pension Scheme. "Since we are first-time lenders, State Street's
thorough approach to risk management was a key factor in our decision,
as was its global scale and our very satisfactory relationship with
the company thus far."
State Street lends securities in more than 35 markets around the
world via trading desks throughout North America, Europe, and the
Asia/Pacific region -- providing clients with around-the-clock
opportunities as well as regional expertise and experience. State
Street has been providing securities lending services since 1974,
making it one of the most experienced lending agents serving the
market today. Its securities lending program is available to all
institutional investors worldwide, whether their assets are held in
custody at State Street or elsewhere.
State Street's securities lending capabilities continue to be
recognized by the industry. In November, Euromoney magazine named
State Street's SL PerformanceAnalyzer(R) and SL PerformanceReporter(R)
"Best Electronic Securities Lending Reporting Service" as part of the
publication's 2003 Technology Awards. In addition, for the past three
years the world's largest borrowers have rated State Street the "Top
Lender" in International Securities Finance magazine's Global Equity
Finance survey. For more information on State Street's securities
finance capabilities, visit www.statestreet.com/securitiesfinance.
Tate & Lyle is a world leader in carbohydrate ingredients. Its
core competence is to take basic carbohydrates from corn, wheat or
sugar and add value to these raw materials through technology. As a
result of continuous innovation the Group offers an ever-wider
portfolio of versatile and functional ingredients. These products
include cereal sweeteners, starches, sugars and citric acid. Tate &
Lyle products have wide applications in the food, beverage,
pharmaceutical, cosmetic, paper, packaging and building industries.
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing institutional investors with investment
servicing, investment management, research and analytics and trading
services. With $8.8 trillion in assets under custody and $965 billion
in assets under management (as of September 30, 2003), State Street
operates in 23 countries and more than 100 markets worldwide. For more
information, visit State Street's Web site at www.statestreet.com.
CONTACT: State Street CorporationCarolyn Cichon, 617-664-8672
SOURCE: State Street Corporation