BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), the world's
leading provider of financial services to institutional investors, and
Invesco (NYSE: IVZ), one of the world's
leading independent asset managers, recently co-hosted an investment
forum to discuss current issues and opportunities within the collective
trust fund industry. The Collective Trust Fund Forum attracted more than
100 industry experts from 50 firms within the investment management
community who participated in panel discussions spanning key trends
across areas such as legal, plan consulting, accounting, product and
distribution channels.
"We have been co-hosting this forum with
Invesco for three years, and we continue to be encouraged by the
positive response from the industry. Each year the level of
participation from the investment management community has increased
significantly, a level which is indicative of the growing popularity of
this type of investment fund," said Michael
Williams executive vice president and head of State Street's
North American Institutional Investor Services business. "Bringing
industry leaders together provides an opportunity to develop ideas and
to anticipate effective business solutions for our customers."
Members of one of the Forum's panels, "A
Changing Legal Landscape for Collective Trust Funds,"
discussed the impact of new ERISA fee and expense reporting
requirements, guidance for third-party distribution arrangements for
collective trust funds and dealing with in-kind transfers and
transaction costs. Additional panel sessions provided insight into the
future of the defined contribution (DC) market, a comparison of
collective trust funds and mutual funds and new fund accounting
requirements related to portfolio valuation and derivatives. The growth
of DC and advantages of bringing collective trust funds into the
mainstream were discussed during the "Preparing
for Tomorrow - Today"
panel.
"Invesco is strongly committed to increasing
awareness about the many benefits of collective trust funds,"
remarked Kevin Lyman, general counsel--Institutional
Division of Invesco National Trust Company. "The
Forum provides an excellent opportunity for collective trust fund
sponsors, advisers, and service providers, as well as those in the
retirement plan and consultant community who work with these vehicles,
to address common issues and develop best practices for the industry."
Invesco has operated collective trust funds for more than 20 years and
manages more than $25 billion in collective trust fund assets (as of
September 30, 2008) across a wide range of investment strategies and
asset classes. These funds are an important component of the firm's
strategy to bring the best of Invesco's
product offerings to its clients in cost-effective ways that best meet
their needs.
State Street has a long and trusted heritage in the investment servicing
business, and is a leader in servicing Collective Trust Funds, Group
Trusts, Limited Liability Corporations (LLC) and Limited Partnerships
(LP). State Street also supports fund sponsors launching Business Trusts
through its New Hampshire Trust Company. Today, State Street is the
clear leader in delivering highly specialized asset servicing solutions
for large pools of assets on a global scale.
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.
Invesco is a leading independent global investment management company,
dedicated to helping people worldwide build their financial security. By
delivering the combined power of its distinctive worldwide investment
management capabilities, including AIM, Atlantic Trust, Invesco,
Perpetual, PowerShares, Trimark, and WL Ross, Invesco provides a
comprehensive array of enduring investment solutions for retail,
institutional and high net worth clients around the world. Operating in
20 countries, the company is listed on the New York Stock Exchange under
the symbol IVZ. Additional information is available at www.invesco.com.
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, 617-664-8672