State Street Augments Technology Services for Nonprofit and Endowment Customers; Partnership with Northeast Retirement Services
June 15 2005 - 11:50AM
Business Wire
State Street Corporation (NYSE: STT), the world's leading provider
of services to institutional investors, announced today that it has
acquired an interest in Northeast Retirement Services (NRS), a
U.S.-based provider of administration, recordkeeping and processing
solutions for plan sponsors, financial institutions, nonprofits and
charitable programs. "State Street and NRS share a commitment to
providing robust reporting and technology capabilities for its
customers," said Robert Tarter, executive vice president of State
Street. "Our strategic partnership will allow us to ensure that
nonprofit and for-profit executives as well as trust
administrators, investment firms and accountants benefit from a
custom-built system with mission-specific reporting. State Street
and NRS have worked together for almost a decade, and our clients
are impressed by the outstanding quality and value that NRS
provides through its reliability, flexibility and responsiveness."
State Street and NRS will collaborate to provide technology
solutions tailored for the needs of State Street's nonprofit and
endowment and collective fund customers, including sub-account and
participant level accounting and enhanced recordkeeping services.
NRS' customized technology is currently used by more than 50 State
Street customers. This collaboration will augment State Street's
existing solutions, presenting customers with a more seamless view
of data and information produced by both entities. "We're pleased
to be strengthening our relationship with State Street," said
Thomas Forese Jr., president of NRS. "We share a common vision of
delivering value and excellence to our customers and this
development will help us to advance this shared vision even
further." State Street Corporation (NYSE: STT) is the world's
leading specialist in providing institutional investors with
investment servicing, investment management and investment research
and trading. With $9.5 trillion in assets under custody and $1.4
trillion in assets under management, as of March 31, 2005, State
Street operates in 25 countries and more than 100 markets
worldwide. For more information, visit State Street's Web site at
www.statestreet.com.
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