BOSTON--(BUSINESS WIRE)--Oct. 3, 2005--
Also Secures Top Honors in Categories of Client Service, Fund
Accounting, Middle Office Services and Transfer Agency
State Street Corporation (NYSE:STT), the world's leading provider
of services to institutional investors, announced today that its hedge
fund administration company, International Fund Services (IFS), was
named Best Fund Administrator in Alpha magazine's first annual hedge
fund service provider awards. IFS also ranked number one in the areas
of client service, fund accounting, middle-office services and
transfer agency.
"This accolade across multiple service categories underscores our
expertise at providing full-service solutions to the hedge fund
community," said Gary Enos, executive vice president and head of
alternative investment services for State Street. "Since acquiring IFS
in 2002, we have continued to enhance our hedge fund servicing
capabilities and this award is a further proof point that our model is
a success."
Alpha compiled its rankings based on voting by representatives
from more than 600 hedge fund management firms worldwide. Voters rated
the quality of service they received from their administrators,
accounting firms, law firms and prime brokers. The firms surveyed
manage approximately $675 billion in single-manager hedge funds, close
to 70 percent of the industry's total assets.
"To attract institutional capital, hedge funds need the help of
capable and trustworthy service providers," said Michael Peltz,
executive editor of Alpha, a sister publication of Institutional
Investor. "The Alpha Awards(TM) show which providers are winning hedge
funds' trust."
State Street provides a complete set of servicing and management
solutions for hedge funds including recordkeeping, fund accounting,
valuation, risk management and regulatory reporting. In 2002, State
Street acquired International Fund Services, a leading provider of
fund accounting and administration as well as trade support and
middle-office services for alternative investment portfolios, and
today it services more than $120 billion in alternative investment
assets. State Street Global Advisors, State Street's investment
management arm, also provides institutional investors with an array of
hedge fund and fund-of-funds strategies.
State Street Corporation
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 $9.6 trillion in assets under custody and $1.4 trillion in assets
under management (as of June 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.
For complete results of the Alpha Awards(TM), please go to
www.institutionalinvestor.com/alphaawards. Alpha Awards(TM) is a
trademark of Institutional Investor, Inc. and may not be used for
advertising or commercial purposed except pursuant to a special
written license from Institutional Investor.
CONTACT: State Street CorporationCarolyn Cichon, 617-664-8672
SOURCE: State Street Corporation