State Street Explores Key Issues and Challenges Facing the Industry at Annual U.S. Mutual Fund Client Conference
June 23 2005 - 12:39PM
Business Wire
Fosters Dialogue with Customers to Discuss Areas Such as Chief
Compliance Officer Activities and Regulatory Developments During
its annual U.S. mutual fund client conference held in Boston last
week, State Street Corporation (NYSE: STT), the world's leading
provider of services to institutional investors, led discussions on
a wide range of industry issues impacting its customers such as the
current regulatory environment and the compliance challenges the
mutual fund industry faces with the implementation of new SEC rules
and regulations. "Ensuring our clients keep abreast of the mutual
fund industry's regulatory and compliance issues is an important
responsibility for us at State Street," said Alan Greene, executive
vice president of State Street and head of its U.S. mutual fund
servicing business. "With some experts estimating annual compliance
costs at several billion dollars to meet new regulations, our
customers are looking to State Street more than ever to provide the
sophisticated insights and technical support that have earned us
the reputation as an industry leader. We're committed to continuing
to develop new ways to help our customers increase efficiencies and
stay ahead of the competition." One of State Street's client
conference panels discussed the current regulatory developments at
the SEC, which included topics such as the likelihood of a hard
4:00 p.m. ET financial markets close, point of sale disclosure
requirements in the mutual fund industry, amendments to mutual fund
registration forms and conflict disclosure. The panel, which was
moderated by Gary French, State Street senior vice president,
included Susan C. Cote of Ernst & Young; Daniel Hirsch,
Deutsche Bank; and Philip Newman, Goodwin Procter. A subsequent
panel moderated by Mary Moran Zeven, State Street senior vice
president, focused on the current challenges faced by fund chief
compliance officers (CCOs) and the ten key areas where greater
clarity from the SEC would assist CCOs in ensuring that compliance
requirements are met. The panel participants, which included Mary
Joan Hoene (CCO, Columbia Funds, BACAP Registered Hedge Funds, the
Galaxy Fund, Liberty All-Star Funds and Nation Funds), Frank
Tarantino (CCO, MFS Mutual Funds) and Kevin McGovern (partner,
Deloitte & Touche, LLP), discussed a variety of issues,
including what CCOs might do to enhance further the overall
effectiveness of compliance and debated issues such as the scope of
fund compliance programs, the power, authority and risks associated
with serving as CCO, the oversight of service providers and
preparing for the inaugural review of fund compliance programs.
State Street supports its customers' CCO efforts with a
comprehensive program that includes educational seminars and
workshops and ongoing monitoring of the services provided by State
Street. In addition, State Street has created a CCO task force that
is charged with providing detailed reporting and certifications to
CCO's on the progress of the State Street compliance program,
including the core services provided to customers' funds. 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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