STT State Street Corporation

State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE: STT), announced today it has been named "Transition Manager of the Year" by Global Pensions magazine in its annual survey of more than 1,000 pension funds worldwide. The top ranking reflects State Street's unique trading and risk management capabilities which result in efficient and cost-effective transitions, and acknowledges the benefits of its extensive internal liquidity pool. State Street's transition management team completed more than 830 transitions in 2005 totalling more than $380 billion of assets. "Our recognition as 'Transition Manager of the Year' by a leading industry publication is a tribute to more than 15 years of experience in managing institutional portfolio transitions," said Nicholas Bonn, executive vice president and global head of transition management for State Street. "We continue to offer a customer-aligned suite of transition management services, delivering risk-controlled and cost-effective results, and are pleased to be rewarded for our innovative approach and high level of service." "There was an extremely high calibre of entries across the board in the 2006 awards," said Alex Beveridge, editor of Global Pensions. "As the only magazine representing the views of the pension fund industry worldwide, the results reflect the opinions of more than 1,000 pension funds from around the globe as well as the views of an independent panel of industry experts." With more than 80 experienced professionals, State Street's transition management team offers a comprehensive suite of portfolio solutions that include innovative risk management, research on investor behaviour, asset allocation strategies, portfolio optimization and cash and liquidity management. The team operates on a 24-hour basis from offices in Europe, North America and the Asia-Pacific region and delivers some of the most innovative solutions in the industry, within a completely transparent environment. 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 services. With $10.1 trillion in assets under custody and $1.4 trillion in assets under management at December 31, 2005, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's Web site at www.statestreet.com. 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 Global Pensions Magazine: Global Pensions is the leading international publication for exclusive and comprehensive coverage of the issues institutional pension fund investors face in today's tough investment climate. Published monthly, Global Pensions offers an unrivaled, well-informed and in-depth analysis of pensions markets internationally.