BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), one of the world's leading
providers of financial services to institutional investors, announced
today the addition of custody, cash management and foreign exchange
services to its suite of front-, middle- and back-office administration
services for hedge funds. The expanded service offerings are in response
to growing interest from hedge fund managers seeking to diversify risk
by moving more services to global custodians during a challenging market
environment.
"Counterparty risk is a heightened concern among hedge fund managers who
are assessing safekeeping options for their cash and other assets," said
Jack Klinck, executive vice president and global head of State Street's
Alternative Investment Solutions group. "By combining traditional
custody services with our full complement of middle office, fund
accounting, fund administration and risk services, we can offer our
customers seamless service delivery through an integrated solution set."
State Street's expanded services for hedge funds also include deposit
and custody services for cash, as well as securities processing and
safekeeping in more than 100 markets worldwide. In addition, State
Street's hedge fund customers have streamlined access to a range of
products such as foreign exchange services, which are available through
State Street Global Markets, the company's investment research and
trading arm.
With more than $400 billion in alternative assets under administration,
State Street's Alternative Investment Solutions group has more than
2,200 employees located in Boston, Ireland (Drogheda, Dublin, Naas),
London, New York City, Tokyo, Toronto, Sydney, Poland and New Jersey
(Fair Lawn and Princeton).
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors including
investment servicing, investment management and investment research and
trading. With $16.4 trillion in assets under custody and administration
and $1.5 trillion in assets under management at June 30, 2009, State
Street operates in 27 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