State Street Appointed by the Baron Funds to Provide Services for $18 Billion in Assets
July 12 2007 - 9:53AM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading provider
of financial services to institutional investors, announced today
that it has been appointed to provide custody, fund accounting and
fund administration services for approximately $18 billion in
assets for the Baron Funds� United States mutual funds. �At Baron,
we invest for the long-term and need a provider who can support our
global growth,� said Ron Baron, chairman and chief executive
officer of Baron Funds. �Given State Street�s leadership in the US
mutual fund business and its overall commitment to the industry, we
felt it was the best provider who could support the growth of our
business. State Street was a good choice for us to consolidate our
services.� This mandate builds on State Street�s position as a
worldwide leader in providing investment servicing to the US mutual
fund industry. The industry has more than $10 trillion in assets
under management, and last year grew by 15.5 percent. State Street
is also the leading provider of fund accounting in the United
States, servicing more than 40 percent of the mutual fund industry,
and is the largest contributor of mutual fund NAVs to NASDAQ. �We
are delighted to forge this new relationship with Baron,� said Alan
Greene, executive vice president of State Street. �More and more
fund complexes seek providers who can offer a broad range of
solutions on a global scale. We are confident that our industry
expertise in the US mutual fund business and global network will be
essential components to helping Baron achieve their growth
targets.� About State Street: State Street Corporation (NYSE: STT)
is the world's leading provider of financial services to
institutional investors, including investment servicing, investment
management and investment research and trading. With $12.3 trillion
in assets under custody and $1.8 trillion in assets under
management at March 31, 2007, State Street operates in 26 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street�s website at www.statestreet.com.
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