LONDON--(BUSINESS WIRE)--
State Street Global Markets, the investment research and trading
arm of State Street Corporation (NYSE: STT), today announced that it
will provide Insight Investment, a London-based asset manager for
private investors, pension funds, insurance groups and other
institutions, with commission management services.
State Street will oversee Insight's commission sharing
arrangements (CSA's) with various brokers and third party research
providers. The current industry practice for commission sharing can be
complex and inefficient since investment managers, CSA brokers and
research providers operate independently. State Street's CSA
outsourcing service is a streamlined solution that simplifies the
process of receiving, reconciling and paying commissions.
Acting as an intermediary, State Street provides a comprehensive
technology and service solution for managing commissions, completing
reconciliations, resolving exceptions and making payments rapidly and
accurately. State Street's service also provides a full set of
standard and customizable reports and consolidated monthly statements.
"Partnering with State Street to outsource our commission sharing
services enables us to run our operations more efficiently," said Mark
Winter, head of dealing at Insight Investment. "We have now been able
to re-direct resources to other areas of our business where we can
focus on developing new distribution strategies and innovative
investment solutions."
This mandate with Insight Investment builds on State Street's
expertise in the CSA market. Earlier this year State Street announced
that it expanded its relationship with Scottish Widows Investment
Partnership to include CSA services.
"As investment managers continue to unbundle commissions and
increase their use of external research providers, having an efficient
and confidential solution to streamline commission sharing
relationships is paramount," said Nick Bonn executive vice president
and head of securities trading for State Street Global Markets. "We
look forward to building a long partnership with Insight Investment."
State Street Global Markets provides specialized investment
research and trading in foreign exchange, equities, fixed income and
derivatives. Its goal is to enhance and preserve portfolio values for
asset managers and asset owners. From its unique position at the
crossroads of the global markets, it creates and unlocks value for its
clients with original flow-based research, innovative portfolio
strategies, trade process optimization, and global connectivity across
multiple asset classes and markets.
State Street Corporation (NYSE: STT) is the world's leading
provider of financial services to institutional investors, including
investment servicing, investment management and investment research
and trading. With $14.0 trillion in assets under custody and $1.7
trillion in assets under management at September 30, 2008, State
Street operates in 26 countries and more than 100 geographic markets
worldwide. For more information, visit State Street's website at
www.statestreet.com.
Notes to editors
Insight Investment
Insight Investment Management (Global) Limited is the asset
manager of HBOS plc. Registered in England and Wales. Registered
office 33 Old Broad Street, London EC2N 1HZ. Registered no. 827982.
Authorised and regulated by the Financial Services Authority. Insight
Investment manages funds for institutional and retail clients across a
range of asset types including equities, bonds, derivatives and
alternatives, with the aim of providing precise investment solutions
for investment needs. Insight's assets under management totalled GBP
112 billion as at 30 June 2008.
www.insightinvestment.com
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, 617-664-8672
or
Marie McGehee, 617-664-1898