Announces Client Advisory Board Chaired by Ontario Municipal Employees
Retirement System
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced that it has
completed its acquisition of Charles River Systems, Inc. (Charles River
Development). The combination of State Street and Charles River
Development will enable the industry’s first-ever global interoperable
platform connecting the front, middle and back office with one provider.
This platform, supported by deep enterprise data management
capabilities, will accelerate investment workflows, provide advanced
data aggregation, analytics and compliance tools, and connect and
exchange data with other industry platforms and providers.
“The combination of State Street and Charles River Development will
create an open platform that will standardize data and systems across
multiple asset classes and the entire investment lifecycle. We are
delighted to welcome the more than 700 talented employees who join State
Street today and look forward to working with the Charles River
Development clients to support their current and future business needs,”
said Jay Hooley, chairman and CEO of State Street.
State Street also announced today the establishment of a Charles River
Development Client Advisory Board to provide ongoing strategic input
into the platform development, engage with peers across the industry, as
well as shape new products and solutions aligned with market and
industry trends. Jenny Tsouvalis, senior vice president and enterprise
head of investment reporting, operations and applications for OMERS
Administration Corporation, will chair the advisory board.
“I have worked closely with State Street and Charles River Development,
and I am excited about the opportunity to chair this new client advisory
board,” said Tsouvalis. “From the inception of our relationship with
Charles River Development, the functionality has grown each year
expanding and offering both front- and middle-office business solutions
that we have taken advantage of and implemented. The acquisition by
State Street creates a deeper platform to develop additional workflow
features and integration to support the front, middle and back offices.
As a client, we see this as an opportunity to further grow the product
and increase with expanded innovative capabilities.”
John Plansky has been named CEO of Charles River Development. Plansky
has led State Street’s Global Exchange business for the last 18 months,
where he oversaw the expanded launch of a number of front-office
solutions including State Street Verus SM, investible indices
and DataGX(SM), State Street’s end-to-end data warehousing
solution. As a former partner at PwC and Booz & Co. and CEO of
Nervewire, Plansky has a history of leading global teams, growing
businesses and integrating teams with different expertise and skill
sets. State Street will also continue to benefit from the years of
experience that Charles River Development’s founder, Peter Lambertus,
brings as he transitions into a planned new role as strategic consultant
to the firm.
A new study conducted by Longitude Research for State Street that
analyzes asset managers’, owners’ and insurance companies’ sentiments
about growth prospects finds that data and technology are increasingly
important, with more than 42 percent of survey respondents viewing the
development of new tools to achieve an investment advantage as an urgent
priority. The global study of more than 500 investment industry
executives also found that the ability to extract better insights from
data is a key consideration for improvement, and strengthening risk
analytics was cited by 43 percent of respondents as a top outcome their
technology investment must deliver over the next year. Furthermore,
nearly two-thirds (64 percent) of asset managers in the study are
investing in new performance analytics tools.
Forward Looking Statements -
This news release contains forward-looking statements as defined by
United States securities laws, including statements relating to State
Street’s acquisition of Charles River Development and related business,
product and servicing effects and considerations. Forward-looking
statements are often, but not always, identified by such forward-looking
terminology as “will,” “opportunity,” “expect,” “estimate,” “project,”
“anticipate,” “plan,” “strategy,” “propose,” “priority,” “intend,”
“may,” “objective,” “forecast,” “outlook,” “believe,” “seek,” “trend,”
“target,” and “goal,” or similar statements or variations of such terms.
These statements are not guarantees of future performance, are
inherently uncertain, are based on current assumptions that are
difficult to predict and involve a number of risks and uncertainties.
Therefore, actual outcomes and results may differ materially from what
is expressed in those statements, and those statements should not be
relied upon as representing our expectations or beliefs as of any time
subsequent to the time this news release is first issued.
Factors that could cause changes in the expectations or assumptions on
which forward-looking statements are based cannot be foreseen with
certainty and include, but are not limited to:
-
the possibility that some or all of the anticipated financial,
operational, product innovation or other benefits or synergies of the
acquisition will not be realized when expected or at all, including as
a result of the impact of, additional costs or unanticipated negative
synergies associated with, or problems arising from, the integration
of Charles River Development, as a result of regulatory or operational
challenges we may experience, as a result of disruptions from the
transaction harming relationships with our clients, employees or
regulators, or as a result of the strength of the economy and
competitive factors in the areas where we and Charles River
Development do business;
-
potential adverse reactions or changes to client, regulatory, business
or employee relationships, including those resulting from the
announcement or completion of the acquisition;
-
demand for our and Charles River Development’s services and product
offerings;
-
requirements to obtain the prior approval or non-objection of the
Federal Reserve or other U.S. and non-U.S. regulators for, or other
market, business or other factors that could challenge our execution
or implementation of or cause changes to, the use, allocation or
distribution of our capital or other specific capital actions or
corporate activities, including, without limitation, acquisitions,
dividends, stock purchases and redemptions and investments in
subsidiaries;
-
the large institutional clients on which we focus are often able to
exert considerable market influence and have diverse investment
activities, and this, combined with strong competitive market forces,
subjects us to significant pressure to reduce the fees we charge for
our or may charge for Charles River Development’s products or services
and to potentially significant changes in our fee revenue;
-
our ability to recognize evolving needs of our and Charles River
Development’s clients and to develop products that are responsive to
such trends and profitable to us; the performance of and demand for
the products and services we and Charles River Development offer; and
the potential for new products and services to impose additional costs
on us and expose us to increased operational risk;
-
our ability to control operational risks, data security breach risks
and outsourcing risks, our ability to protect our intellectual
property rights, the possibility of errors in the quantitative models
we use to manage our business and the possibility that our controls
will prove insufficient, fail or be circumvented;
-
our ability to expand our use of technology to enhance the efficiency,
accuracy and reliability of our operations and our dependencies on
information technology and our ability to control related risks,
including cyber-crime and other threats to our information technology
infrastructure and systems (including those of our third-party service
providers) and their effective operation both independently and with
external systems, and complexities and costs of protecting the
security of such systems and data;
-
adverse changes in the regulatory ratios that we are, or will be,
required to meet, whether arising under the Dodd-Frank Act or
implementation of international standards applicable to financial
institutions, such as those proposed by the Basel Committee, or due to
changes in regulatory positions, practices or regulations in
jurisdictions in which we engage in banking activities, including
changes in internal or external data, formulae, models, assumptions or
other advanced systems used in the calculation of our capital or
liquidity ratios that cause changes in those ratios as they are
measured from period to period;
-
changes in law or regulation, or the enforcement of law or regulation,
that may adversely affect our or Charles River Development’s business
activities or those of our or Charles River Development’s clients or
counterparties, and the products or services that we or Charles River
Development sell, including additional or increased taxes or
assessments thereon, capital adequacy requirements, margin
requirements and changes that expose us or Charles River Development
to risks related to the adequacy of our or Charles River Development’s
controls or compliance programs;
-
adverse publicity, whether specific to State Street or Charles River
Development or regarding other industry participants or industry-wide
factors, or other reputational harm; and
-
our ability to grow revenue, manage expenses, attract and retain
highly skilled people and raise the capital necessary to achieve our
business goals and comply with regulatory requirements and
expectations.
Other important factors that could cause actual results to differ
materially from those indicated by any forward-looking statements are
set forth in State Street’s 2017 Annual Report on Form 10-K and its
subsequent SEC filings. Investors are encouraged to read these filings,
particularly the sections on risk factors, for additional information
with respect to any forward-looking statements and prior to making any
investment decision. The forward-looking statements contained in this
news release should not be relied on as representing State Street’s
expectations or beliefs as of any time subsequent to the time this news
release is first issued, and State Street does not undertake efforts to
revise those forward-looking statements to reflect events after that
time.
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 $33.9 trillion in assets under custody and administration and $2.7
trillion* in assets under management as of June 30, 2018, State Street
operates globally in more than 100 geographic markets and employs over
38,000 worldwide. For more information, visit State Street's website at www.statestreet.com/platformforgrowth
* Assets under management include the assets of the SPDR® Gold ETF
and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as
of June 30, 2018), for which State Street Global Advisors Funds
Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State
Street Global Advisors are affiliated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181001005465/en/
State Street Corporation
Marc Hazelton, +1 617-662-1860
MHAZELTON@StateStreet.com
@StateStreet
or
Ilene
Fiszel Bieler, +1 617-664-4122
IFiszelBieler@StateStreet.com
@StateStreet
Source: State Street Corporation