BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider
of financial services to institutional investors, today announced the
alignment of its global alternative investment servicing capabilities.
The newly formed State Street Alternative Investment Solutions
combines State Street's hedge fund, private equity, and alternative
risk offerings to provide a complete set of fund accounting, fund
administration and risk services to hedge funds and private equity
funds.
"The alternative investments market is estimated at $4.2 trillion
in global assets under management with a 16 percent compound annual
growth rate," said Jack Klinck, executive vice president and global
head of State Street's Alternative Investment Solutions team.
"Combining our expertise in the hedge fund, risk and private equity
servicing business under one name and unit provides our clients with
dedicated solutions for these complex and rapidly growing market
segments."
Alternative investment servicing remains a key growth area for
State Street. The company acquired hedge fund administrator
International Fund Services (IFS) in 2002, and Palmeri Fund
Administrators, a private equity fund administrator, in 2007. In
addition, State Street's acquisition of Investors Financial Services
Corp. (IFIN) in 2007 further added to the company's alternative
capabilities in the hedge fund and private equity arena. Today State
Street is an industry leader, providing alternative investment
solutions for more than $550 billion in assets under administration.
"The launch of our new Alternative Investment Solutions unit
combines our acquired and existing offerings into a single entity and
allows us to develop individual solutions that can meet virtually any
level of asset servicing requirements for clients with a range of size
and complexity," added Klinck.
State Street's Alternative Investment Solutions team has more than
2,200 employees with locations in Boston, Ireland (Drogheda, Dublin,
Naas), Toronto, London, Tokyo, Sydney, New York and New Jersey. Given
its strong name recognition among hedge fund managers, IFS will retain
its name and identity as International Fund Services, a State Street
Company, and the division will operate under the umbrella of State
Street Alternative Investment Solutions.
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 $15 trillion in assets under custody and $2 trillion
in assets under management at March 31, 2008, 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.
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, +1 617-664-8672