State Street Appoints Jack Klinck to Head of Global Investment Product Services
November 02 2006 - 10:54AM
Business Wire
State Street Corporation (NYSE:STT), the world�s leading provider
of financial services to institutional investors, today announced
the appointment of John (Jack) L. Klinck, Jr. to a newly created
role as executive vice president and head of Global Investment
Product Services. Klinck, who will report to Jay Hooley, executive
vice president and head of Investment Servicing and Investment
Research and Trading for State Street, will be responsible for the
strategic direction, global sales and product structuring of the
company�s hedge and offshore fund servicing capabilities worldwide.
State Street provides a complete set of servicing and management
solutions for hedge funds including recordkeeping, fund accounting,
valuation, risk management and regulatory reporting. In 2002, State
Street acquired International Fund Services (IFS), a leading
provider of fund accounting and administration as well as trade
support and middle office services for alternative investment
portfolios. Since then, State Street�s hedge fund assets under
administration have more than quadrupled and the company is
consistently ranked No. 1 for service in leading industry surveys.
As the world�s number one offshore fund servicer, State Street has
a presence in all major jurisdictions including Dublin, Luxembourg,
Jersey, Guernsey, Toronto, Tokyo, Hong Kong and the Cayman Islands,
providing core investment servicing capabilities in support of
customers� global products. �Hedge and offshore fund servicing
continue to be major strategic priorities for State Street,� said
Hooley. �We�ve seen significant growth globally across these
capabilities given increasing customer demand for our industry
leading range of services and solutions, which includes IFS,
leading edge technology and servicing centers in all major offshore
domiciles including Dublin, Luxembourg and the Cayman and Channel
Islands. Having Jack on board now to lead the expansion and
continued innovation of these services will provide considerable
benefit to our customers as we ensure that we remain at the
forefront of this industry.� Klinck joins State Street from Mellon
Financial Corporation where he served as vice chairman and
president of its Investment Manager Solutions group. In this
capacity, he was responsible for the development of products and
services for financial institutions including fund administration,
offshore and outsourcing solutions. During his nine-year career at
Mellon, Klinck also served as chairman for Mellon Europe,
responsible for the company�s investor services business in the
region. Prior to joining Mellon, Klinck held various senior
management positions at Signet Banking and American Express. �Hedge
and offshore fund servicing are must-have capabilities for today�s
investment service provider as these strategies attract more and
more attention from institutional investors. Therefore, I�m
delighted to join the company that has set the standard for
servicing these assets and one that has such an intense focus on
and understanding of the needs of these investors,� said Klinck.
�This focus has resulted in an enviable industry position, and one
that I look forward to building on in the future.� 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 $11.3 trillion in assets under custody and $1.6 trillion in
assets under management as at 30 September 2006, 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. 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 on Form 10-K, particularly in Item 1A, �Risk
Factors,� and the Corporation�s subsequent SEC filings which should
be read before making any investment decision. The forward-looking
statements contained in this press release speak only as of the
date hereof, November 2, 2006, and the Corporation will not
undertake efforts to revise those forward-looking statements to
reflect events after this date. State Street Corporation
(NYSE:STT), the world's leading provider of financial services to
institutional investors, today announced the appointment of John
(Jack) L. Klinck, Jr. to a newly created role as executive vice
president and head of Global Investment Product Services. Klinck,
who will report to Jay Hooley, executive vice president and head of
Investment Servicing and Investment Research and Trading for State
Street, will be responsible for the strategic direction, global
sales and product structuring of the company's hedge and offshore
fund servicing capabilities worldwide. State Street provides a
complete set of servicing and management solutions for hedge funds
including recordkeeping, fund accounting, valuation, risk
management and regulatory reporting. In 2002, State Street acquired
International Fund Services (IFS), a leading provider of fund
accounting and administration as well as trade support and middle
office services for alternative investment portfolios. Since then,
State Street's hedge fund assets under administration have more
than quadrupled and the company is consistently ranked No. 1 for
service in leading industry surveys. As the world's number one
offshore fund servicer, State Street has a presence in all major
jurisdictions including Dublin, Luxembourg, Jersey, Guernsey,
Toronto, Tokyo, Hong Kong and the Cayman Islands, providing core
investment servicing capabilities in support of customers' global
products. "Hedge and offshore fund servicing continue to be major
strategic priorities for State Street," said Hooley. "We've seen
significant growth globally across these capabilities given
increasing customer demand for our industry leading range of
services and solutions, which includes IFS, leading edge technology
and servicing centers in all major offshore domiciles including
Dublin, Luxembourg and the Cayman and Channel Islands. Having Jack
on board now to lead the expansion and continued innovation of
these services will provide considerable benefit to our customers
as we ensure that we remain at the forefront of this industry."
Klinck joins State Street from Mellon Financial Corporation where
he served as vice chairman and president of its Investment Manager
Solutions group. In this capacity, he was responsible for the
development of products and services for financial institutions
including fund administration, offshore and outsourcing solutions.
During his nine-year career at Mellon, Klinck also served as
chairman for Mellon Europe, responsible for the company's investor
services business in the region. Prior to joining Mellon, Klinck
held various senior management positions at Signet Banking and
American Express. "Hedge and offshore fund servicing are must-have
capabilities for today's investment service provider as these
strategies attract more and more attention from institutional
investors. Therefore, I'm delighted to join the company that has
set the standard for servicing these assets and one that has such
an intense focus on and understanding of the needs of these
investors," said Klinck. "This focus has resulted in an enviable
industry position, and one that I look forward to building on in
the future." 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 $11.3 trillion in assets under custody
and $1.6 trillion in assets under management as at 30 September
2006, 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. 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 on Form 10-K,
particularly in Item 1A, "Risk Factors," and the Corporation's
subsequent SEC filings which should be read before making any
investment decision. The forward-looking statements contained in
this press release speak only as of the date hereof, November 2,
2006, and the Corporation will not undertake efforts to revise
those forward-looking statements to reflect events after this date.
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