BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider of
financial services to institutional investors, announced today that it
has captured top rankings in International Custody and Fund
Administration (ICFA) magazine's 2009 Global Awards.
For the second consecutive year, ICFA named State Street the
Global Securities Lender of the Year as well as Global Private Equity
Fund Administrator of the Year, at its awards ceremony held recently in
London. The ICFA Awards recognize global excellence in the
custody and fund administration industry.
In securities lending, ICFA noted State Street's stringent risk
management practices. In private equity fund administration, ICFA recognized
State Street's 60 percent growth in private equity assets under
administration in 2008, while the private equity industry overall was
contracting amid the economic downturn.
"We are honored to receive this recognition from ICFA for State
Street's performance in securities lending and private equity
servicing," said Steve Smit, senior vice president and head of State
Street's Global Markets and Investor Services businesses in the United
Kingdom. "Amid the unprecedented market turmoil over the past year, we
have held to our long-standing practices of delivering value-added
services to clients with greater efficiencies, more transparency and the
prudent management of risk."
With more than $2 trillion in lendable assets and more than $420 billion
on loan, State Street is a market leader in securities finance. The
company has been providing securities lending services since 1974, and
currently lends securities for customers in more than 45 markets around
the world through a global network of trading locations.
State Street's dedicated team of private equity professionals, combined
with the company's global reach and support, delivers a world-class
offering for private equity fund sponsors. State Street provides
full-service fund administration services to more than 400 primary funds
with total assets exceeding $139 billion. Private equity fund managers
are looking to leading third- party administrators to provide greater
efficiencies, more consistent reporting and cost savings for their
funds. Private equity managers also recognize that experienced
third-party providers, such as State Street, can stay ahead of changing
requirements throughout the fund lifecycle, understand the nuances of
each fund's structure, and adapt accordingly.
About State Street
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 $11.3 trillion in assets under custody and $1.4 trillion in assets
under management at March 31, 2009, State Street operates in 27
countries and more than 100 geographic markets worldwide. For more
information, visit State Street's website at www.statestreet.com.
About ICFA
ICFA has been delivering in-depth and authoritative coverage of the
investment back and middle office for 12 years providing readers with
news, features, surveys and industry round tables -- a key source of
market intelligence for the securities servicing industry. With a
permanent editorial presence in New York and London, ICFA presents
in-depth and timely reporting on concerns and developments affecting all
aspects of the industry. www.icfamagazine.com
Source: State Street Corporation
Contact: State Street Corporation
Carolyn Cichon, + 1 617-664-8672