BOSTON & NEW YORK--(BUSINESS WIRE)--Feb. 22, 2005--
Mandate Highlights State Street's Commitment to Providing Leading
Asset Managers with Scalable Solutions for Managed Accounts
State Street Corporation (NYSE: STT), the world's leading provider
of services to institutional investors, announced today that it has
been appointed by Brandywine Asset Management, a wholly-owned
subsidiary of Legg Mason, Inc. to provide managed account outsourcing
services for several billion dollars in assets.
"Brandywine is excited about the opportunity to partner with State
Street," said Larry Kassman, chief administrative officer of
Brandywine. "State Street's knowledge and experience were clear
differentiators for us in choosing a partner to service our managed
account business. During our rigorous selection process, it became
clear that State Street was the best fit for Brandywine due to their
partnership philosophy, knowledge of the managed account marketplace,
risk management, internal controls and commitment to the business.
This partnership will allow us to target our resources on managing
assets, developing new products and expanding our business."
State Street will provide accounting, performance measurement,
portfolio administration, trade support and investor reporting
services for Brandywine's managed account portfolios. The business
will be serviced from State Street's New York City operations at World
Financial Center, under the direction of Thomas McKee, senior vice
president of Wealth Manager Services for State Street.
"Investment managers are increasingly recognizing the value of
outsourcing to a provider who has comprehensive technology solutions
that can support the unique requirements of managed accounts at
scale," said Anne Tangen, executive vice president and head of Wealth
Manager Services for State Street. "Working together with Brandywine,
we are confident that our infrastructure and customer-focused approach
will be an ideal fit for its managed account business."
Since expanding its investor services capabilities in 2000 to
address the needs of wealth managers, State Street's client roster
within this market segment has grown three-fold across the United
States and United Kingdom. State Street offers efficient operational
infrastructure to support clients' wealth-management objectives,
allowing them to focus on their core competencies. Clients include
large, global investment managers as well as private client boutiques.
To date, State Street has partnered with more than 50 wealth managers
and provides services for approximately $150 billion in assets.
Since its founding in 1986, Brandywine Asset Management, LLC, has
been singularly focused on the value approach to investing. The firm
offers an array of equity, fixed income, and balanced portfolios that
invest in U.S., international, and global markets. As of December 31,
2004, Brandywine managed $18.5 billion for a range of clients,
including public funds, corporations, educational institutions,
Taft-Hartley plans, health care organizations, and high-net-worth
individuals. The firm is a wholly owned, independently operated
subsidiary of Legg Mason, Inc. (NYSE: LM), with headquarters in
Wilmington, Del., and satellite offices in Chicago, San Francisco, and
Singapore. For more information, visit Brandywine's Web site at
http://www.brandywine-online.com/.
Legg Mason, Inc., headquartered in Baltimore, is a holding company
that provides asset management, securities brokerage, investment
banking and related financial services through its subsidiaries. For
more information, visit Legg Mason's Web site at
http://www.leggmason.com/
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing institutional investors with investment
servicing, investment management and investment research and trading.
With $9.5 trillion in assets under custody and $1.4 trillion in assets
under management, as of December 31, 2004, State Street operates in 25
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