State Street Awarded New Mandate from ING
March 05 2008 - 10:00AM
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 by ING DIRECT Canada to provide
investment services and investment management for three new
Streetwise funds. State Street Global Advisors, the investment
management arm of State Street, will manage four investment
strategies in each of the Streetwise funds on a sub-advisory basis.
�The strength of the State Street organization, in both investment
servicing and investment management, was a key factor in our
decision,� said Jeroen Smakman, vice president, mutual funds, ING
DIRECT Canada. �Moreover, State Street brings a long-established
local presence and proven track record in delivering high-quality,
cost-effective solutions to the financial services industry in
Canada.� State Street will provide custody, accounting, and fund
reporting for the Streetwise funds to be launched by ING Direct
Asset Management Ltd. Benchmarked to the Morgan Stanley
Europe-Australia-Far East (MSCI-EAFE) index, S&P/TSX 60,
S&P 500 and DEX Universe indices, the investment strategies to
be managed by SSgA include the Streetwise Balanced Fund, Streetwise
Balanced Income Fund, and Streetwise Balanced Growth Fund. �State
Street Global Advisors is delighted to be awarded with this
sub-advisory mandate for ING DIRECT Canada�s new mutual funds; and
we look forward to helping them reach their goals,� said Gregory
Chrispin, president and managing director of State Street Global
Advisors in Canada. Stephen Smit, president of State Street Trust
Company Canada, and head of investment servicing and investment
research and trading in Canada, added, �With State Street�s
industry expertise in the Canadian mutual fund business, as well as
our considerable experience with newly launched funds, we are well
positioned to help ING DIRECT Canada achieve its growth targets for
the Streetwise funds.� With more than CA$700 billion in assets
under custody and nearly CA$40 billion under management in Canada,
State Street has provided solutions to the country's financial
services community since establishing a presence in Toronto in
1990. In 2007, State Street further strengthened its Canadian
presence with the acquisition of Investors Financial Services
Corp., and now has more than 1,100 employees in Toronto, Montreal
and Vancouver. Across State Street�s capabilities in investment
servicing, investment management and investment research and
trading, its customers in Canada include nine of the 10 largest
mutual fund complexes, eight of the 10 largest pension plans and
eight of the 10 largest investment managers. About ING DIRECT ING
DIRECT is Canada�s largest direct bank with over 1.6 million
clients and $24 billion in total assets. ING DIRECT high-value,
simple products that help Canadians save their money through high
interest rates on deposits with no fees or service charges, low
rates on mortgages and low-cost index-based mutual funds. Clients
can bank with ING DIRECT 24 hours a day, 7 days a week at
www.ingdirect.ca or by calling 1-800-ING DIRECT. Mutual Funds are
offered by ING Direct Funds limited, a wholly owned subsidiary of
ING Bank of Canada. ING Direct Funds Limited offers Mutual Funds
across Canada except Quebec and the Territories. About State Street
Global Advisors State Street Global Advisors, the investment
management arm of State Street Corporation, delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $2.0
trillion in assets under management as of December 31, 2007, 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. About State Street
Corporation 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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