State Street Completes EUR 1.4 Billion Portfolio Transition for Volkswagen Pension Fund; Long-Standing Customer Continues to Rea
September 19 2005 - 10:51AM
Business Wire
State Street Global Markets(SM), the investment research and
trading arm of State Street Corporation (NYSE: STT), announced
today that it has successfully completed a EUR 1.4 billion
portfolio transition for a portion of the Volkswagen pension fund
in Germany. State Street has been providing custody and accounting
services for Volkswagen since 1997. Due to a recent change to
Volkswagen's asset allocation and asset management strategies,
State Street's transition management team successfully completed
the transition which involved a complex move to a masterfund and a
simultaneous multi-asset class restructuring of the portfolio with
the appointment of a number of specialist managers, including an
overlay mandate. "With the increased scrutiny on trading costs,
pension funds continue to recognize the value that an experienced
transition manager can bring to the investment process," said
Lachlan French, head of transition management for State Street in
Europe. As the leading provider of transition management services
to institutional investors, State Street completed more than 800
transitions globally in 2004 comprising approximately EUR 250
billion in total assets. With more than 80 experienced
professionals, State Street Global Markets' transition management
team operates on a 24 hours-a-day basis from offices in Europe,
North America and Asia. "State Street worked together with us to
understand the complex facets involved in our portfolio
restructuring," said Albrecht Moehle, board member of Volkswagen
Pension Trust e.V. "We were pleased with the seamless transition of
our fund." "With our dedication to providing fiduciary oversight
during a complex restructuring process, we are committed to working
with our clients to develop risk-controlled solutions that address
their needs," added Edward Pennings, head of sales and relationship
management for State Street Global Markets' portfolio solutions in
Europe. With its advanced trading strategies, client-focused
execution model and access to a leading pool of high-quality,
natural liquidity and innovative research capabilities, State
Street Global Markets provides customers with cost-effective
solutions aimed at enhancing returns and minimizing overall
transaction costs. It delivers some of the most comprehensive
solutions in the industry, within a completely transparent
environment, and its transitions are benchmarked before and after
each transition. About State Street Global Markets: State Street
Global Markets provides specialized investment research and trading
in foreign exchange, equities, fixed income and derivatives. Its
goal is to enhance and preserve portfolio values for asset managers
and asset owners. From its unique position at the crossroads of the
global markets, it creates and unlocks value for its clients with
original flow-based research, innovative portfolio strategies,
trade process optimization, and global connectivity across multiple
asset classes and markets. About State Street: 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 geographic markets worldwide. For more
information, visit State Street's web site at www.statestreet.com.
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