State Street Expands Custody and Fund Administration Relationship with Columbia Management for an Additional $20 Billion in Asse
January 28 2008 - 10:47AM
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 a range of custody,
accounting and fund administration services to Columbia
Management�s Excelsior Funds, which have approximately $20 billion
in assets. With the new mandate, State Street now services a total
of approximately $320 billion in assets for funds sponsored by
Columbia Management, Bank of America�s asset management arm. The
new win expands upon State Street�s long-standing relationship with
Columbia Management. In 2005, Columbia Management chose State
Street to provide fund administrative services for $224 billion in
assets. �We are pleased to extend our relationship with State
Street,� said Christopher Wilson, head of mutual funds, Columbia
Management. �It has consistently proven it can keep pace with our
growth, quickly integrate additional products and offer us
additional services.� �We are delighted that our customers
repeatedly view us as trusted partners as they grow and expand
their business,� said Jay Hooley, vice chairman and head of global
investment servicing and investment research and trading at State
Street. �We have been servicing Bank of America�s fund complexes
since December 2000 and have been successfully awarded new business
as the organization has grown its asset management arm over the
years. This win is another example of how State Street continues to
benefit from industry consolidation as we build upon our strong
relationships with leading global organizations.� State Street is
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 NAV's to NASDAQ. In 2007,
State Street received seven first-place rankings in Global Investor
magazine�s Global Custody Awards. State Street was also named
�Custodian of the Year� by Global Pensions, and �Best Fund
Administrator� by The Asset magazine. 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 $15.3 trillion in assets under custody and $2
trillion in assets under management at December 31, 2007, 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.
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