JERSEY, Channel Islands & BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors, announced
today that it has been appointed by Norges Bank to provide fund
administration services for the real estate portion of the Norwegian
Government’s Pension Fund. State Street will provide administration,
accounting and director services for the fund’s $20 billion global real
estate investments and will also provide reporting and joint venture
structuring services.
State Street, through its acquisition of leading fund administrator
Mourant International Fund Administration (MIFA) in April, has become a
leading provider of services to real estate funds providing full-service
fund administration services to more than 290 primary funds and
approximately $50 billion in real estate assets under administration.
“We are delighted to have been appointed as Norges Bank’s real estate
service provider,” said George Sullivan, executive vice president of
State Street’s alternative investment solutions group. “This sovereign
fund is a significant client for us, and we are very much looking
forward to taking on this new assignment and working with the team at
Norges Bank to provide them with services for the real estate allocation
of their growing fund.”
State Street’s real estate services are part of its Alternative
Investment Solutions team. With more than $600 billion in alternative
assets under administration as of April 1, 2010, State Street’s
Alternative Investment Solutions group provides a complete suite of fund
accounting, fund administration, corporate administration, risk and
credit services to institutional investors, hedge fund managers, private
equity fund managers and real estate fund managers. The team includes
more than 3,000 employees worldwide.
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 $19 trillion in assets under custody and administration
and $1.9 trillion in assets under management at March 31, 2010, State
Street operates in 25 countries and more than 100 geographic markets
worldwide. For more information, visit State Street at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
Carolyn Cichon, + 1-617-664-8672