State Street Also Named “Best Administrator” in HFMWeek Awards and
European Private Equity Fund Administrator of the Year in ICFA European
Awards
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors, today
announced that it had been selected by LibreMax Capital, LLC to provide
fund administration services for its newly launched hedge fund.
LibreMax Capital was founded by former Deutsche Bank executives Fred
Brettschneider and Greg Lippmann.
International Fund Services (IFS), State Street’s hedge fund
administration company which is part of its Alternative Investment
Solutions group, provides administration services to the fund which was
launched in October.
“Appointing State Street to provide our new fund with administration
services enables us to focus entirely on achieving investment results,”
said Greg Lippmann, co-founder and chief investment officer of LibreMax
Capital. “State Street’s proven track record of servicing some of the
most complex hedge funds in the industry made it the clear choice for
this assignment.”
“In today’s highly competitive market with increased demand for
transparency, more hedge fund managers are electing to use third party
providers for their administration requirements,” said George Sullivan,
executive vice president of State Street’s Alternative Investment
Solutions group. “State Street has a wealth of experience servicing a
range of hedge funds, and we look forward to building a productive
partnership with LibreMax Capital.”
Driven by increasing demand for third-party administration, State
Street’s Alternative Investment Solutions group has experienced
significant growth in recent years. The broad scope of the company’s
hedge fund servicing offerings allow State Street to develop individual,
highly specialized solutions that can meet virtually any level of asset
servicing requirements for clients across a broad range of sizes and
levels of complexity. Using leading-edge technology, IFS’s highly
experienced team collaborates with clients around the globe, including
many of the world’s largest hedge funds.
Separately, State Street recently took top honors in HFMWeek’s
2010 US Hedge Fund Services Awards. State Street was named “Best
Administrator over $30 Billion in Assets Under Administration – Overall”
in the award competition sponsored by HFMWeek magazine. The
awards recognize excellence and innovation in the hedge fund servicing
industry.
Judges in the 2010 US Hedge Fund Services Awards cited State Street’s
response to industry challenges in 2009 and 2010, including its
development of an advanced OTC valuation capability to help clients
better manage risk. State Street introduced a new investor transparency
tool for clients in response to demand for enhanced transparency
reporting.
State Street also secured honors as European Private Equity Fund
Administrator of the Year in the International Custody and Fund
Administration (ICFA) European awards. The awards recognize,
highlight and reward excellence and specific achievement in many sectors
of the international investment back office.
State Street’s hedge fund services are part of its Alternative
Investment Solutions group. With more than $625 billion in alternative
assets under administration as of September 30, 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.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors, including
investment management, investment research and trading and investment
servicing. With $20.2 trillion in assets under custody and
administration and $1.9 trillion in assets under management at September
30, 2010, State Street operates in 25 countries and more than 100
geographic markets worldwide. For more information, visit State Street’s
website at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
Carolyn Cichon, +1 617-664-8672