BOSTON--(BUSINESS WIRE)--Oct. 27, 2005--State Street Corporation
(NYSE: STT), the world's leading provider of services to institutional
investors, announced today that it has been selected by Charles Schwab
Investment Management (CSIM) to provide a broad range of investment
services including accounting, custody and securities lending to the
Schwab Funds and Laudus funds. The fund complexes represent more than
67 funds in total and $140 billion in assets.
"Our goal is to move from a complex structure of several outside
vendor relationships to a simpler one, consolidating to gain
efficiency," said George Pereira, chief financial officer of CSIM.
"The new fund accounting and custody structure we have implemented
will offer numerous benefits, including a simpler and more scalable
operating structure, a more efficient shareholder reporting process
and tighter risk management. State Street excelled in all aspects of
the competitive bid process and is the best choice to serve CSIM's
needs going forward."
State Street is the leading provider of fund accounting in the
United States, servicing more than 40 percent of the mutual fund
industry, and is the largest contributor of mutual fund NAV's to
NASDAQ.
"We are pleased that CSIM has selected State Street for a wide
range of services in support of its mutual fund family," said Jay
Hooley, executive vice president and head of global investment
servicing at State Street. "We have extensive experience working with
large mutual fund management complexes and integrating the various
aspects of their servicing requirements in to our operations. We look
forward to a long term partnership with Schwab as they continue to
growth their business."
About State Street
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 $9.8 trillion in assets under custody and $1.4 trillion in assets
under management (as of September 30, 2005), State Street operates in
25 countries and more than 100 geographic markets worldwide. For more
information, visit State Street's web site at www.statestreet.com.
About Charles Schwab Investment Management
Founded in 1991, Charles Schwab Investment Management, Inc.
(CSIM), an affiliate of Charles Schwab & Co., Inc., is one of the
nation's largest mutual fund companies with $144 billion under
management as of September 30, 2005. It is among the country's largest
money market fund managers and is the third-largest provider of retail
index funds. In addition to managing Schwab proprietary funds, CSIM
provides oversight for the institutional-style, sub-advised Laudus
Fund family. CSIM currently manages 67 mutual funds including 23
actively managed funds.
CONTACT: State Street CorporationCarolyn Cichon, 617-664-8672
SOURCE: State Street Corporation