State Street Global Advisors France Awarded Overlay Mandate by French Pensions Reserve Fund

September 27, 2004

PARIS--(BUSINESS WIRE)--Sept. 27, 2004--State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), and the largest institutional fund manager in the world, announced today that it has been selected by the French pensions reserve fund, Fonds de Reserve pour les Retraites (FRR), to manage an overlay mandate for a three-year period.

State Street Global Advisors France will be responsible for managing and hedging currency risk for the non-EUR portion of the EUR 16 billion fund. State Street Global Advisors France will also provide macroeconomic and financial advisory services to the FRR executive board and implement tactical investment decisions on their behalf through an overlay strategy.

Jean-Francois Schock, regional managing director for State Street Global Advisors in Europe, said, "We are delighted to have been awarded this important overlay mandate from the FRR, which illustrates our success here and confirms our commitment to the French institutional market. The key success variable in winning this deal was our ability to combine asset allocation and currency overlay as part of one mandate, delivered through a single local access point."

Alan Brown, group chief investment oficer at State Street Global Advisors added: "The FRR is clearly a pioneer of the management of retirement assets in France, and we are proud to have been selected to take part in their innovative thinking. Through this process, we had the opportunity to observe the professionalism of the FRR teams who succeeded in leading a complex project with great effectiveness, resulting in a balanced panel of fund managers."

The currency and asset allocation teams at State Street Global Advisors operate across seven offices worldwide with a staff of more than 50 professionals who are dedicated to working collaboratively to develop and enhance techniques that drive State Street Global Advisors' investment process. The teams collaborate closely with State Street Global Advisors' Advanced Research Centre which brings together scientific research, academic theory, computational power and decades of market experience to enhance investment performance and provide strategic solutions to clients.

State Street Global Advisors France first opened in Paris in 1991 and is a full service investment centre with strategies that span all major asset classes and the full risk-return spectrum. State Street Global Advisors' clients in France mainly include mid-size and large institutional clients.

State Street Global Advisors

State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.2 trillion in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich, and Sydney, and offices in 28 cities worldwide.

State Street Global Advisors is ranked number one in Pensions & Investments 2004 Money Managers Survey. 2004 is the third consecutive year that SSgA has come out top in the ranking of investment management firms by total worldwide institutional assets under management.

State Street Global Advisors is ranked third in Investment & Pensions Europe's Top 400 European Asset Managers Rankings 2004 by total worldwide assets under management.

For more information, visit State Street Global Advisors at www.ssga.com, www.ssga.com/france or www.statestreetfrance.com.

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    SOURCE: State Street Corporation