State Street Appointed by the Municipal Employees' Retirement System of Michigan to Provide Investment Services for $6 Billion i
April 09 2008 - 10:15AM
Business Wire
State Street Corporation, the world�s leading provider of financial
services to institutional investors, announced today that it has
been appointed by the Municipal Employees� Retirement System of
Michigan to provide a range of investment services for $6 billion
in public fund assets. State Street will provide global custody,
daily accounting and performance measurement, securities lending,
cash management, and investment compliance monitoring. �State
Street�s expertise in daily valuation as well as its ability to
provide a total servicing solution was key to our decision,� said
Jeb Burns, chief investment officer of the Municipal Employees�
Retirement System of Michigan. �After a competitive review, State
Street proved best-suited to meet our growing needs.� �We are
extremely pleased to secure this new mandate from the Municipal
Employees� Retirement System of Michigan,� said Vincent DeBaggis,
senior vice president of State Street�s public fund servicing team.
�With the growing complexity involved in servicing public funds,
more of them are recognizing the importance of partnering with
service providers who can keep pace with their complex
requirements.� State Street also announced that it has been
re-appointed by five existing public fund customers to provide
services for more than $180 billion in assets. Customers renewing
their business with State Street include: The City of Philadelphia
Board of Pensions and Retirement � State Street will continue to
service $5 billion in assets in a relationship that began more than
a decade ago. State Retirement and Pension System of Maryland �
State Street�s focus on Maryland�s changing needs was cited by
officials in their decision to expand its mandate to include
additional services for the system�s $40 billion in assets.
University of California Regents � The educational authority cited
State Street�s expertise, client service and commitment to
technology development in its decision to extend the relationship.
State Street provides a range of global custody services to the $73
billion fund. Montana Board of Investments � The Montana Board
re-appointed State Street to provide an expanded range of
investment services for its $13�billion in assets. State Street has
held the account since 1993. Minnesota State Board of Investment �
State Street has extended its more than two decade-long
relationship to include investment compliance and daily performance
reporting. State Street now provides a range of services for more
than $55 billion in assets for Minnesota. �Being retained by these
long-standing customers as their investment servicing partner is
further evidence of our recognized leadership in serving the needs
of public funds,� added DeBaggis. State Street now services
approximately 40 percent of the public fund business in the United
States, with customers in 34 states, the District of Columbia,
Puerto Rico, and the US Virgin Islands. 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 website at www.statestreet.com
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