BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), the world's leading provider
of financial services to institutional investors, today announced the
election of European nationals, Peter Coym, retired head of Lehman
Brothers Bankhaus AG, Amelia Fawcett, former vice chair and chief
operating officer of Morgan Stanley International, and Maureen
Miskovic, chair of Eurasia Group, to its Board of Directors. State
Street also announced the appointment of three of its senior leaders
to vice chairman - Joseph L. (Jay) Hooley, global head of investment
servicing and investment research and trading, William W. Hunt,
president and chief executive officer of State Street Global Advisors,
and Joseph C. Antonellis, chief information officer.
"These appointments fulfill a number of key objectives for us,"
said Ronald E. Logue, chairman and chief executive officer of State
Street Corporation. "As we continue to expand our business
internationally we are evolving the composition of our board to
reflect a globally diverse range of experiences and market knowledge
as well as significant expertise in the financial services industry.
We're also able to acknowledge, through today's promotions to vice
chairman, the considerable contributions of our leadership team and
the impact of their responsibilities on State Street's current and
future growth."
Peter Coym, age 64, Amelia Fawcett, age 50, and Maureen Miskovic,
age 49, are joining State Street's Board of Directors effective
immediately.
Peter Coym, a German national and the retired head of Lehman
Brothers in Germany, is also a former member of Lehman Brothers
Bankhaus Management Board and its European Management Group. Coym,
with more than 35 years of experience in European investment banking,
has served in positions that include chairman of the Association of
Foreign Banks in Germany, a member of the Supervisory Board of the
Deutsche Borse AG and a member of the German Central Capital Market
Committee.
Amelia Fawcett, a dual American and British citizen, has recently
retired from her position as vice chair and chief operating officer at
Morgan Stanley International. A lawyer by training, Fawcett was named
by the Financial Times as one of the 25 most powerful women in Europe.
She also serves as a member of the Court of the Bank of England. In
2002 she was awarded Commander of Order of the British Empire (CBE) in
recognition of her services to the financial industry.
Maureen Miskovic, a British citizen, is a leading authority on
risk and compliance. She currently chairs Eurasia Group, a top
political risk advisory and consulting firm based in New York. Prior
to this role she served in several senior management positions at a
number of prominent investment banking firms. Miskovic also serves as
a board member for NRG Energy.
The promotions to vice chairman also announced today comprise
three executives who serve on State Street's Operating Group, the
company's senior-most policy-making and strategy group.
Jay Hooley, age 49, a 20-year veteran of State Street, is head of
the company's asset servicing, securities finance and investment
research and trading activities worldwide. Under his leadership, State
Street has achieved consistently high growth and has expanded its
global presence. Today the company is the No. 1 provider of investment
manager operations outsourcing services with more than $3 trillion in
assets under administration, a leading provider of hedge fund
servicing and a world leader in multi-asset class trading and
transition management. Hooley is also a director on the boards of
Boston Financial Data Services (BFDS) and International Financial Data
Services (IFDS) which provide the global mutual fund industry with
specialized shareholder servicing.
William W. Hunt, age 44, president and chief executive officer of
State Street Global Advisors (SSgA), and 12-year State Street veteran,
is head of the world's largest institutional asset manager. Under
Hunt's leadership, State Street Global Advisors' contribution to State
Street's pre-tax profits has grown from 17 percent at the end of 2004
to 24 percent by the end of the third quarter of 2006. With more than
a decade of experience working outside of the US, Hunt plays a key
role in driving State Street's global expansion, as well as
accelerating SSgA's push into active and enhanced strategies. More
than half of new business now comes from active or enhanced strategies
with assets under management up 21 percent since December 2004.
Joseph Antonellis, age 52, a 16-year veteran of State Street, is
chief information officer and heads the company's global securities
services, operations and technology. Antonellis, named "Best CIO" by
the American Financial Technology Awards, is also assuming
responsibility for the company's investment servicing business in
North America. Prior to becoming CIO, he managed investment servicing
for mutual and pension fund customers for more than a decade. State
Street provides investment servicing to more than 40 percent of the US
mutual fund market and 37 percent of the public pension fund market.
In addition to being a board member of Boston Financial Data Services
(BFDS) and Euroclear PLC, Antonellis also serves as chairman of the
board of Princeton Financial Systems, a leading provider of
client/server-based portfolio accounting management systems and a
wholly-owned subsidiary of State Street.
James Phalen, age 55, currently head of investment servicing in
North America, will take on a new role as head of international
operations for investment servicing and investment research and
trading. Also a member of State Street's Operating Group, Phalen, a
ten-year State Street veteran and former chairman of CitiStreet, will
relocate to Europe to assume his new role. Antonellis and Phalen will
report to Jay Hooley.
Logue concluded, "I have set a goal for State Street to achieve 50
percent of its revenues from non-US operations. We have achieved an
impressive 41 percent while maintaining our significant market
leadership here in the US. The appointments we're announcing today
strengthen our organization with additional global expertise,
increased alignment of services and solutions for our customers and
added focus on key growth areas."
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, December 22 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: State Street Corporation
Media Contacts:
Hannah Grove, 617-664-3377
or
Carolyn Cichon, 617-664-8672
or
Arlene Roberts, 617-664-3933
or
Investors and Analysts:
Kelley MacDonald, 617-664-2888