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.
CONTACT: State Street CorporationHannah Grove, 617-664-3377
or
HDL Communication
Herve de Laitre, +33 (0)1 58 65 00 71
SOURCE: State Street Corporation