DUBLIN, Ireland--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), the world's leading provider
of financial services to institutional investors, announced today that
it has expanded its relationships with two of its clients, New Star
Asset Management and Muzinich & Company (Ireland), Ltd., to include
securities lending services.
State Street will provide securities lending services for EUR 225
million in assets and facilitate lending for an additional EUR 1.3
billion in assets via an exclusive lending arrangement for New Star
Asset Management's Irish domiciled funds. State Street's initial
relationship with New Star began in 1998. Since 2002, State Street has
provided custody, accounting and trustee services for New Star Asset
Management's Irish funds, and now services more than EUR 1.5 billion
in assets for New Star from Ireland.
"State Street offered us one of the most customized securities
lending programs of any provider," said John Mould, chief operating
officer at New Star. "We were also impressed with the depth of
experience of State Street's local securities finance team."
State Street has also been appointed to provide securities lending
services for EUR 490 million in assets for Muzinich & Company's Irish
UCITS fund. Expanding on its nearly 10-year relationship, State Street
currently provides Muzinich with accounting, custody and trustee
services for assets in excess of EUR 600 million.
"State Street's partnership approach and industry expertise have
been invaluable in assisting us as we grow our business," said Michael
Ludwig, director of Muzinich & Co., Ltd. "State Street has continually
demonstrated a comprehensive understanding of our business and its
deep knowledge of the securities finance business was paramount in our
decision-making process."
"We are pleased these valued customers have decided to expand
their relationships with State Street, choosing us as their securities
lending provider," said Chris Holzwarth, managing director of State
Street's securities finance team. "State Street prides itself on
offering a broad range of services to assist customers in realizing
their investment objectives. These new wins underscore our commitment
to providing the best product offerings in the marketplace."
With approximately US$3 trillion in lendable assets and nearly
US$700 billion in assets on loan, State Street is a market leader in
securities finance. It serves more than 400 customers and 150 borrower
relationships worldwide from 14 locations in North America, Europe and
Asia-Pacific. For more information about State Street's securities
lending program, visit www.statestreet.com/securitiesfinance.
About State Street Corporation
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 $15.30 trillion in assets under custody and $2 trillion
in assets under management at December 31, 2007, 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
Steve Maguire, 1-617-664-3001