BOSTON--(BUSINESS WIRE)--
State Street Global Advisors (SSgA), the investment management business
of State Street Corporation (NYSE: STT), today announced that it has
been selected by Lincoln Financial Group (Lincoln) (NYSE: LNC) to
sub-advise variable life insurance and variable annuity investment
options, which employ a tactical asset allocation strategy and invest in
a wide range of investment solutions.
The new Lincoln Variable Insurance Product (LVIP), the SSgA Global
Tactical Allocation Fund incorporates a wide range of exchange traded
funds (ETFs) including State Street’s SPDR® ETFs*, as well as eight
variable annuity funds currently sub-advised by SSgA Funds Management,
Inc. and offered in Lincoln Variable Life and Annuity solutions
including the Lincoln ChoicePlus AssuranceSM variable
annuity product platform.
“We are excited to expand our collaboration with State Street Global
Advisors,” said Daniel Hayes, head of Funds Management, Retirement
Solutions, Lincoln Financial Group. “Lincoln Financial is committed to
providing access to the most sophisticated and advanced solutions in the
insurance industry, and this endeavor will further enhance our
investment portfolio for our valued clients.”
The fund was transitioned from its existing sub-advisor to SSgA on
August 2, 2010.
“Demand for ETFs in the variable life and annuity space has been
significant due to the relatively low cost of ETFs and the trading and
diversification benefits that these funds provide,” said Anthony Rochte,
senior managing director at State Street Global Advisors. “SSgA’s
client-focused solutions, such as our SPDR ETFs, combined with Lincoln
Financial as an innovator in the insurance industry, present a powerful
proposition to both financial advisors and investors alike.”
SSgA manages eight individual sub-accounts as well as the LVIP SSgA
Index and LVIP SSgA Structured asset allocation offerings within the Lincoln
ChoicePlus AssuranceSM offering.
Backed by the full range of SSgA’s broad product offerings, global reach
and client support, SSgA’s US Sub-Advisory business works with a wide
range of mutual funds, defined contribution recordkeepers, variable
annuity and insurance companies.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National
Corporation (NYSE:LNC) and its affiliates. With headquarters in the
Philadelphia region, the companies of Lincoln Financial Group had assets
under management of $140 billion as of June 30, 2010. Through its
affiliated companies, Lincoln Financial Group offers: annuities; life,
group life and disability insurance; 401(k) and 403(b) plans; savings
plans; and comprehensive financial planning and advisory services. For
more information, including a copy of our most recent SEC reports
containing our balance sheets, please visit www.LincolnFinancial.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management that sophisticated investors worldwide rely on for a
disciplined investment process, powerful global investment platform and
access to every major asset class, capitalization range and style. SSgA
is the asset management business of State Street, one of the world’s
leading providers of financial services to institutional investors. For
more information, visit State Street Global Advisors at www.ssga.com.
About State Street
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 $19.0 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.
*SPDR ETFs are managed by SSgA Funds Management, Inc., a registered
investment adviser and wholly owned subsidiary of State Street
Corporation.
ETFs trade like stocks, are subject to investment risk, fluctuate in
market value and may trade at prices above or below the ETFs net asset
value. Brokerage commissions and ETF expenses will reduce returns.
Diversification does not necessarily prevent investment losses.
Distributor for SPDR ETFs: State Street Global Markets, LLC, member
FINRA, SIPC, a wholly owned subsidiary of State Street Corporation.
References to State Street may include State Street Corporation and its
affiliates. Certain State Street affiliates provide services and receive
fees from the SPDR ETFs.
Before investing in any SPDR ETFs, consider the funds’ investment
objectives, risks, charges and expenses. To obtain a prospectus or
summary prospectus which contains this and other information, call
1-866-787-2257 or visit www.spdrs.com.
Read it carefully.
Variable annuities are long-term investment products designed for
retirement purposes and are subject to market fluctuation, investment
risk, and possible loss of principal. Variable annuities contain both
investment and insurance components, and have fees and charges,
including mortality and expense, administrative, and advisory fees.
Optional features are available for an additional charge and are based
on the financial strength of the insurer. The annuity’s value fluctuates
with the market value of the underlying investment options, and all
assets accumulate tax deferred. Withdrawals of earnings are taxable as
ordinary income and, if taken prior to age 59½, may be subject to a 10%
federal tax penalty. Withdrawals will reduce the death benefit and cash
surrender value.
Investors are advised to consider the investment objectives, risks,
and charges and expenses of the variable annuity and its underlying
investment options carefully before investing. The applicable variable
annuity prospectus contains this and other important information about
the variable annuity and its underlying investment options.
Please call 888 868-2583 for a free prospectus. Read it carefully
before investing or sending money. Products and features are subject to
state availability.
Lincoln ChoicePlus AssuranceSM variable annuities (contract form 30070-B
and state variations) are issued by The Lincoln National Life Insurance
Company, Fort Wayne, IN distributed by Lincoln Financial Distributors,
Inc., and offered through broker/dealers with an effective selling
agreement. The Lincoln National LifeInsurance Company is not
authorized, nor does it solicit business in the state of New York.
Contractual obligations are backed by the claims-paying ability of The
Lincoln National Life Insurance Company.
Policies sold in New York (contract forms 30070BNYA, 30070BNYC,
30070BNYAL, and 30070BNYN) are issued by Lincoln Life & Annuity Company
of New York, Syracuse, NY, and distributed by Lincoln Financial
Distributors, Inc.Contractual obligations are backed by the
claims-paying ability of Lincoln Life & Annuity Company of New York.
CORP-0166
Source: State Street Corporation
Contact:
State Street Corporation
Marie McGehee, + 1-617-664-1898
or
River
Communications
Troy Mayclim, + 1-914-686-5599