State Street Global Advisors Ranked World's Largest Institutional Fund Manager for Fourth Consecutive Year
June 08 2005 - 10:10AM
Business Wire
Steady Growth Reported in New Mandates and Active and Enhanced
Equity Strategies State Street Global Advisors (SSgA), the
investment management arm of State Street Corporation (NYSE: STT),
announced today that it has been ranked No. 1 by Pensions &
Investments' 2005 Money Managers Survey of leading institutional
asset managers, for the fourth consecutive year. With $1.4 trillion
in total assets under management,(a) SSgA is the top investment
management firm based on total worldwide institutional assets. In
2004, SSgA won significant new business globally, marking a
record-breaking year with total assets under management surging 22
percent from the previous year-end. The group won more than 1,100
new mandates worldwide with many clients investing increasingly in
SSgA's enhanced and active equity strategies. Thirty-six percent of
SSgA's net new institutional assets under management in 2004 were
fueled by active and enhanced mandates while assets from enhanced
equity mandates grew 83 percent from year-end 2003 to year-end
2004. "We are honored to once again achieve the top ranking in this
survey," said William W. Hunt, president and chief executive
officer of State Street Global Advisors. "In 2004, we continued to
see growth in assets sourced from clients outside of North America.
As we build on our track record of industry-leading performance, we
will continue to focus on product innovation, client service, and
further global expansion throughout Europe and Asia." In 2005, new
investment products continue to define SSgA as an innovator of
high-performance and solutions-driven investment products for its
institutional client base. SSgA's Pooled Asset Liability Matching
Solution (PALMs), launched in January 2005, offers a highly
effective solution to enable pension funds to match their projected
future liabilities within different inflation environments in a
cost-effective manner. PALMs provides access to nine pooled funds
holding different maturity Limited Price Inflation swaps (LPI, or
inflation-linked securities) to protect assets and preserve
pensioners' purchasing power in both high and low inflation
environments. Similarly, SSgA's Dynamic Risk Allocation Model
(DRAM) was developed to enhance plan sponsors' ability to manage
funding ratio outcomes. DRAM improves upon traditional strategic
benchmarks to better determine how a defined benefit plan's asset
mix will respond to changes in the market and/or shifts in wealth
and risk premia. State Street Global Advisors also continues to be
an innovator of exchange-traded fund (ETF) products. In December
2004, in cooperation with China Asset Management Company, SSgA
announced the availability of the first ETF in China--Shanghai 50
ETF, based on the new Shanghai 50 Index. Last September, SSgA
through its registered advisor, launched the SPDR(R) O-Strip ETF,
the first of its kind to track the newly launched S&P 500
O-Strip Index, and the company serves as marketing agent for
streetTRACKS Gold Shares which was launched in November 2004. For a
complete list of rankings in this year's Pensions & Investments
Money Managers Survey, visit www.pionline.com. About State Street
Global Advisors State Street Global Advisors, the investment
management group of State Street Corporation, delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.4
trillion in investment programs and portfolios (as of March 31,
2005), State Street Global Advisors has investment centers in
Boston, Hong Kong, London, Milan, Montreal, Munich, Paris,
Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities
worldwide. For more information, visit State Street Global Advisors
at www.ssga.com. (a) As of December 31, 2004 This news announcement
contains forward-looking statements as defined by United States
securities laws, including statements about the financial outlook
and business environment. Those statements are based on current
expectations and involve a number of risks and uncertainties,
including those related to the pace at which State Street adds new
clients or at which existing clients use additional services, the
value of global and regional financial markets, the pace of
cross-border investment activity, changes in interest rates, the
pace of worldwide economic growth and rates of inflation, the
extent of volatility in currency markets, consolidations among
clients and competitors, State Street's business mix, the dynamics
of markets State Street serves, and State Street's success at
integrating and converting acquisitions into its business. 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 2004 annual report and subsequent
SEC filings. State Street encourages investors to read the
corporation's annual report, particularly the section on factors
that may affect financial results, and its subsequent SEC filings
for additional information with respect to any forward-looking
statements and prior to making any investment decision. The
forward-looking statements contained in this press release speak
only as of the date hereof, June 8, 2005, and the company will not
undertake efforts to revise those forward-looking statements to
reflect events after this date.
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