Enhancements Include Ability to Manage Complex Fund Structures
Across Multiple Accounting Bases
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), the world's leading provider of
financial services to institutional investors, today announced the
launch of eHorizon(R), State Street's enhanced global accounting system
for asset managers and institutional investors. This integrated, global
accounting solution delivers new levels of functionality, accommodating
multiple accounting bases and providing greater flexibility in managing
complex fund structures such as fund of funds, pooling, master-feeder
and multi-managed arrangements.
Customers are increasingly looking to outsource their accounting
requirements to create operational and technological efficiencies,
minimize risk and support new products and global expansion. Global
expansion requires that asset managers and owners manage multiple
accounting bases, such as GAAP, IFRS and local market tax practices.
Since each customer has unique needs, eHorizon automates allocations
based on customer-specified methodologies and calculates accurate net
asset values (NAVs) in real time at each level of the fund structure.
Flexible fund cycles can also be accommodated, allowing customers to
customize the methodology for reporting and valuing global portfolios.
Transamerica, one of the leading asset managers and a long-time State
Street customer, has been utilizing the eHorizon service since April of
this year and recognizes the value of the enhanced capabilities of State
Street's accounting platform: "We have been impressed by the flexibility
of eHorizon to execute sophisticated processing across our more
complicated fund structures: master feeder, multi-manager, fund-of-fund
and multi-class. This unparalleled service provides true NAV
unitization, reducing the risk of errors while ensuring we can develop
new investment structures and grow our business," stated Joe Carusone,
senior vice president and treasurer of Transamerica Asset Management
Group.
"Asset owners and managers are launching more complex fund structures,
need to bring products to market faster and require more global controls
around operational risk," said Pat Centanni, executive vice president
and head of global product management for State Street Investor
Services. "The infrastructure required to manage the accounting,
reporting and valuation of these global fund structures has become
significantly more complex and multi-faceted. State Street's eHorizon
system surpasses many offerings in the industry by providing a seamless,
automated, and comprehensive accounting process on a single global
platform. In addition, the rules-based architecture and rapid
development capabilities allow increased flexibility and speed to market
to help customers expand into new fund segments such as ETFs and Target
Date funds."
About State Street Corporation
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 $16.4 trillion in assets under custody and administration and $1.6
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
Alicia Curran, + 1-617-664-3001