BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider of
financial services to institutional investors, today announced the
launch of its expense manager solution, a new service that helps
collective fund providers lower the operational costs and risks
associated with their fund expenses.
State Street's expense manager service provides an end-to-end solution
designed to replace manual or partially automated processes in
customers' fund operations. Integrated with State Street's global
accounting system, the solution automates the accruals, budgeting and
payment processing of expense management, providing mutual and
collective fund companies with the scale, accuracy and flexibility
needed to effectively manage their expenses.
"In the current economic environment, mutual and collective fund
companies face a greater need to reduce fund expenses while retaining
customer business and satisfaction," said Pat Centanni, executive vice
president and head of global product management at State Street. "With
our new expense manager solution, as well as our fund administration
expertise, collective funds can fully outsource their expense
administration processes which will provide broader functionality,
scalability and accuracy - a competitive advantage in today's turbulent
market place."
State Street's new offering is a part of its integrated Fund
Administration suite which includes - Legal Support, Treasury, Financial
Reporting, Tax Reporting, Compliance and Blue Sky - all designed to
allow mutual fund providers to outsource more of their operations for
greater scale, and reduced operational cost and risk.
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 $12 trillion in assets under custody and $1.4 trillion in assets
under management as of December 31, 2008, 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
Marie McGehee, + 1 617-664-1898
or
Carolyn Cichon, + 1 617-664-8672