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 is expanding its relationship with Babson Capital
Management LLC to provide investment operations and technology services.
Today’s announcement builds on State Street’s existing relationship with
Babson Capital whereby State Street has provided custody, trustee,
private equity and hedge fund services since 2001.
“As we expand domestically and globally, enhancing our relationship with
State Street is an ideal opportunity for our clients and our firm,” said
Thomas M. Finke, chairman and chief executive officer of Babson Capital.
“Leveraging State Street’s expertise in global operations services will
allow us to improve access to data, decrease reliance on multiple
internal systems, take advantage of new developments in technology, and
achieve greater overall operating efficiency. This will allow us to
focus more on providing our clients with exceptional service and
performance results and on developing our future growth strategies.”
“We are pleased that Babson Capital has chosen State Street for the
needs of its expanding global business,” said Jeff Conway, executive
vice president and head of investment operations servicing and new
business integration at State Street. “As the financial markets become
more complex, the technology systems required to maintain and develop
new investment strategies has increased substantially. Our experience in
providing scalable solutions for asset managers’ investment operations
helps them create additional efficiencies to achieve their growth
objectives.”
This expanded partnership with Babson Capital builds on State Street’s
industry leadership in the investment operations outsourcing market.
State Street provides services for more than $6 trillion in middle
office assets to clients globally. These services help investment
managers convert substantial fixed operating costs to a variable cost
model, eliminating manual processes and ensuring data integrity.
Babson Capital Management LLC and its subsidiaries serve institutional
investors around the globe and have $128.9 billion in assets under
management as of June 30, 2010. Through proprietary research and
analysis and a focus on investment fundamentals, we develop products and
strategies that leverage our broad array of expertise in fixed income,
equities, alternatives, structured products, debt financing for
corporations and commercial real estate. Based in Boston and
Springfield, Mass., and Charlotte, N.C., with offices in New York City
and Los Angeles, the firm’s subsidiaries include Babson Capital Europe
Limited in London, Babson Capital Australia Pty Ltd in Sydney, and
Cornerstone Real Estate Advisers LLC in Hartford, Conn.Babson Capital
is a member of the MassMutual Financial Group and is on the web at www.BabsonCapital.com.
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 $1.8 trillion in assets under management at June 30, 2010, State
Street operates in 25 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 Sweeney, + 1 617-664-3001