BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), the world's leading provider
of financial services to institutional investors, today announced the
appointment of John (Jack) L. Klinck, Jr. to a newly created role as
executive vice president and head of Global Investment Product
Services. Klinck, who will report to Jay Hooley, executive vice
president and head of Investment Servicing and Investment Research and
Trading for State Street, will be responsible for the strategic
direction, global sales and product structuring of the company's hedge
and offshore fund servicing capabilities worldwide.
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 (IFS), a leading provider
of fund accounting and administration as well as trade support and
middle office services for alternative investment portfolios. Since
then, State Street's hedge fund assets under administration have more
than quadrupled and the company is consistently ranked No. 1 for
service in leading industry surveys. As the world's number one
offshore fund servicer, State Street has a presence in all major
jurisdictions including Dublin, Luxembourg, Jersey, Guernsey, Toronto,
Tokyo, Hong Kong and the Cayman Islands, providing core investment
servicing capabilities in support of customers' global products.
"Hedge and offshore fund servicing continue to be major strategic
priorities for State Street," said Hooley. "We've seen significant
growth globally across these capabilities given increasing customer
demand for our industry leading range of services and solutions, which
includes IFS, leading edge technology and servicing centers in all
major offshore domiciles including Dublin, Luxembourg and the Cayman
and Channel Islands. Having Jack on board now to lead the expansion
and continued innovation of these services will provide considerable
benefit to our customers as we ensure that we remain at the forefront
of this industry."
Klinck joins State Street from Mellon Financial Corporation where
he served as vice chairman and president of its Investment Manager
Solutions group. In this capacity, he was responsible for the
development of products and services for financial institutions
including fund administration, offshore and outsourcing solutions.
During his nine-year career at Mellon, Klinck also served as chairman
for Mellon Europe, responsible for the company's investor services
business in the region. Prior to joining Mellon, Klinck held various
senior management positions at Signet Banking and American Express.
"Hedge and offshore fund servicing are must-have capabilities for
today's investment service provider as these strategies attract more
and more attention from institutional investors. Therefore, I'm
delighted to join the company that has set the standard for servicing
these assets and one that has such an intense focus on and
understanding of the needs of these investors," said Klinck. "This
focus has resulted in an enviable industry position, and one that I
look forward to building on in the future."
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
services. With $11.3 trillion in assets under custody and $1.6
trillion in assets under management as at 30 September 2006, State
Street operates in 26 countries and more than 100 geographic markets
worldwide. For more information, visit State Street's web site at
www.statestreet.com.
This news announcement contains forward-looking statements as
defined by United States securities laws, including statements about
the financial outlook and business environment. Those statements are
based on current expectations and involve a number of risks and
uncertainties, including those related to the pace at which State
Street adds new clients or at which existing clients use additional
services, the value of global and regional financial markets, the pace
of cross-border investment activity, changes in interest rates, the
pace of worldwide economic growth and rates of inflation, the extent
of volatility in currency markets, consolidations among clients and
competitors, State Street's business mix, the dynamics of markets
State Street serves, and State Street's success at integrating and
converting acquisitions into its business. Other important factors
that could cause actual results to differ materially from those
indicated by any forward-looking statements, are set forth in State
Street's 2005 annual report on Form 10-K, particularly in Item 1A,
"Risk Factors," and the Corporation's subsequent SEC filings which
should be read before making any investment decision. The
forward-looking statements contained in this press release speak only
as of the date hereof, November 2, 2006, and the Corporation will not
undertake efforts to revise those forward-looking statements to
reflect events after this date.
Source: State Street Corporation
Contact: Media Contact:
State Street Corporation
Carolyn Cichon, 617-664-8672