State Street Global Alliance Marks Five-Year Anniversary; Strategic Venturing Partnership Surpasses $16 Billion in Assets Under
May 08 2006 - 9:31AM
Business Wire
State Street Global Advisors (SSgA), the investment management arm
of State Street Corporation (NYSE: STT) and the largest
institutional fund manager in the world, announces the five-year
anniversary of State Street Global Alliance, LLC. Global Alliance
is the strategic venturing partnership jointly owned by SSgA and
Stichting Pensioenfonds ABP (ABP), one of the world's largest
pension funds. Formed in 2001 the objective of Global Alliance is
to seek out companies with innovative, alternative investment
strategies which complement SSgA's existing investment vehicles and
offer value-added performance to ABP's pension plan assets. Global
Alliance's combined assets under management have posted a compound
annual growth rate of 60 percent since its founding. Today its
seven-member companies collectively manage more than $16 billion in
worldwide assets. "In our fifth successful year of operation,
Global Alliance continues to provide early-stage companies that
offer cutting-edge investment strategies with better access to
their target market by way of SSgA's and ABP's infrastructure and
distribution channels," said Joseph Lyons, president of Global
Alliance. "We continue to seek out these types of early-stage
companies in an ongoing effort to provide clients with unique
investment strategies and complement our existing capabilities."
The concept for Global Alliance originated in 1996 when SSgA began
investing in small-size asset managers to add to its existing
investment strategies and to expand upon the investment options
available to clients. The Global Alliance strategy was crystallized
in 2001 when State Street Global Alliance, LLC was formed and ABP
invested in the partnership. Total assets under management at the
time were $2 billion. Today, Global Alliance, LLC consists of five
majority-owned companies and two minority investments, all of which
are focused on continuous new product and strategy development to
anticipate and meet client needs. The majority companies are:
Advanced Investment Partners, LLC (AIP), a registered investment
advisor and leader in developing innovative quantitative investment
strategies. With more than $1.6 billion in assets under management,
AIP has generated a successful track record of managing core
large-, mid- and all-cap strategies for institutional and retail
investors. These include enhanced index, market neutral and
tax-managed styles. Rexiter Capital Management Limited (Rexiter), a
London-based investment management company specializing in
fundamental-based global, regional and country specific emerging
market strategies. With more than $5 billion in assets under
management, Rexiter provides management services to a number of
large pension and endowment funds, corporate clients and a U.S.
mutual fund. Shott Capital Management, LLC (SCM), a specialist in
post-venture distribution management and private equity partnership
investing. The firm manages the sale of in-kind distributions of
public securities distributed from private equity investments and
manages separate accounts for private equity investors. SSARIS
Advisors, LLC, a registered investment advisor and provider of
hedge fund and hedge fund-of-funds strategies for institutional
investors worldwide. The firm recently marked the one-year
anniversary of its Multi-Manager Japan Equity strategy, a hedge
fund-of-funds strategy focused on investing in innovative Japanese
equity hedge fund managers. The Tuckerman Group, LLC, a manager of
public and private real estate investments for institutional and
individual investors through a series of specialized programs,
including direct investments and real estate investment trust
(REIT) strategies. Tuckerman's SSgA/Tuckerman Liquid 40 Real Estate
Securities Index Strategy recently exceeded $1 billion in assets
under management. Total assets under management now exceed $5
billion. Tuckerman recently launched a global REIT index product to
complement its U.S. and European REIT strategies. Global Alliance's
two minority investments include: GovernanceMetrics International
(GMI), the most recent firm to join Global Alliance and a global
corporate governance research and ratings firm. GMI delivers
independent evaluations of corporate governance practices at more
than 3,400 publicly-listed companies in 26 countries. The firm's
analysts scour hundreds of government, stock exchange, company and
other sources to identify practices and patterns of behavior. In so
doing GMI has identified many companies with weaknesses long before
problems became apparent. Innovest, an internationally recognized
investment research and sub-advisory firm specializing in analyzing
companies' environmental and social performance and their impact on
competitiveness, profitability, and share price performance.
Innovest recently leveraged its membership in Global Alliance by
teaming with Rexiter to create the world's first emerging markets
sustainability strategy. Innovest also won its fourth consecutive
international competition to serve as lead advisor to the Carbon
Disclosure Project (CDP), an innovative collaboration among 240
institutional investors, with combined assets under management of
more than $30 trillion, which will provide in-depth research on the
relative climate risk exposures of 500 large-cap global companies.
About State Street Global Alliance State Street Global Alliance,
LLC, founded in 2001, is the strategic venturing partnership
jointly owned by State Street Global Advisors and one of the
world's largest pension funds, Stichting Pensioenfonds ABP (ABP).
State Street Global Alliance seeks to develop partnerships with
innovative asset managers worldwide to develop investment
excellence and innovation with growth rates in excess of industry
averages. State Street Global Alliance currently consists of five
majority-owned companies and two minority investments. For more
information, visit www.ssgaglobalalliance.com. About State Street
Global Advisors State Street Global Advisors, the investment
management group of State Street Corporation, delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.5
trillion in investment programs and portfolios (as of March 31,
2006), State Street Global Advisors has investment centers in
Boston, Hong Kong, London, Milan, Montreal, Munich, Paris,
Singapore, Sydney, Tokyo, and Zurich, and offices in 25 cities
worldwide. For more information, visit State Street Global Advisors
at www.ssga.com. About ABP ABP is the pension fund for employers
and employees in service of the Dutch government and the
educational sector. With an invested capital of EUR 196 billion,
ABP is the second largest pension fund in the world. Their 2.4
million customers have the assurance of income security against
disability, death and pension. The fund is based on solidarity and
non-profit. ABP's main office is in Heerlen (southern part of the
Netherlands) with branches in Amsterdam and New York. For more
information on ABP Investments please visit www.abp.nl This news
announcement contains forward-looking statements as defined by
United States securities laws, including statements about the
financial outlook and business environment. Those statements are
based on current expectations and involve a number of risks and
uncertainties, including those related to the pace at which State
Street adds new clients or at which existing clients use additional
services, the value of global and regional financial markets, the
pace of cross-border investment activity, changes in interest
rates, the pace of worldwide economic growth and rates of
inflation, the extent of volatility in currency markets,
consolidations among clients and competitors, State Street's
business mix, the dynamics of markets State Street serves, and
State Street's success at integrating and converting acquisitions
into its business. Other important factors that could cause actual
results to differ materially from those indicated by any
forward-looking statements are set forth in State Street's 2005
annual report and subsequent SEC filings. State Street encourages
investors to read the corporation's annual report, particularly the
section on factors that may affect financial results, and its
subsequent SEC filings for additional information with respect to
any forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, May 8, 2006, and the
company will not undertake efforts to revise those forward-looking
statements to reflect events after this date.
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