STT State Street Corporation

State Street Corporation (NYSE: STT), the world�s leading provider of financial services to institutional investors, announced today that it has expanded its investment servicing capabilities for the Swiss market and will now offer fund accounting solutions for Swiss domiciled funds. State Street has acquired Deutsche Bank�s fund accounting operations in Switzerland, a Fondsleitung under Swiss law. As a result of the acquisition, State Street will provide fund accounting services for 16 investment funds and approximately CHF 4.0 billion in assets. The deal is subject to standard regulatory approval. Currently, fund accounting services for Swiss domiciled funds are predominantly handled in-house by many asset managers. �Today�s announcement is further evidence of the trend towards outsourcing fund accounting to global providers who have the local expertise and global product range to offer a full service solution to Swiss investors,� said Stefan Gm�r, executive vice president of State Street�s investor services business in Germany, Austria, Italy and Switzerland. �This acquisition will provide us with a further opportunity to expand on our business here and cross-sell additional products and services to asset managers, pension funds and insurance companies.� Gm�r continued, �State Street has enjoyed a decade of success in Switzerland and today�s announcement will not only expand our service offerings for the Swiss market, but also build our local capabilities here in the region.� State Street celebrates the 10th anniversary of its presence in Switzerland this year. It opened its office in Zurich in 1998 with five employees and today employs approximately 100 professionals from its State Street Financial Centre operation. State Street provides its clients in Switzerland with the most comprehensive valued-added investment services in the industry including enhanced reporting, risk and transaction cost analysis, performance measurement and regulatory compliance customized to meet local requirements. 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 trillion in assets under custody and $2 trillion in assets under management at March 31, 2008, 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.