State Street Selected to Provide Global Custody Services for Banco de Guatemala; New Mandate Comes from Largest Monetary Authori
September 08 2005 - 11:49AM
Business Wire
State Street Corporation (NYSE:STT), the world's leading provider
of services to institutional investors, announced today that it has
been appointed by Banco de Guatemala, Central America's largest
monetary authority, to provide global custody, accounting, and
performance measurement services for $3.3 billion in assets. "We
went through a rigorous selection process to consolidate our global
custody services with one single provider," said Edwin Matul Ruano,
general manager of Banco de Guatemala. "State Street's reputation,
knowledge and experience, among other things, were clear
differentiators for us in choosing a global provider." State Street
has seen a surge in new customer mandates in Latin America
following its acquisition of Deutsche Bank's global securities
services businesses in 2003. Earlier this year, State Street was
appointed to provide a range of global investment services by
Profuturo GNP, Mexico's largest locally-owned pension fund
administrator and the third largest Mexican pension manager
overall. "We're delighted and honored to welcome Banco de Guatemala
to our expanding roster of clients in Latin America," said Lee
Jones, senior vice president of State Street Corporation. "This
mandate is another testament to the value that we can deliver to
our customers throughout this important region." Banco de Guatemala
is the Central Bank of the Republic of Guatemala and it is an
autonomous institution, constituted in 1945, commissioned to
execute monetary policy. Its fundamental objective is to contribute
to the creation and maintenance of the most favorable conditions
for the orderly development of the Guatemalan economy, propitiating
the monetary, exchange and credit conditions that promote the
stability in the general level of prices. 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 $9.6 trillion
in assets under custody and $1.4 trillion in assets under
management, as of June 30, 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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