STT State Street Corporation

State Street Corporation (NYSE: STT), the world�s leading provider of financial services to institutional investors, today announced the alignment of its global alternative investment servicing capabilities. The newly formed State Street Alternative Investment Solutions combines State Street�s hedge fund, private equity, and alternative risk offerings to provide a complete set of fund accounting, fund administration and risk services to hedge funds and private equity funds. �The alternative investments market is estimated at $4.2 trillion in global assets under management with a 16 percent compound annual growth rate,� said Jack Klinck, executive vice president and global head of State Street�s Alternative Investment Solutions team. �Combining our expertise in the hedge fund, risk and private equity servicing business under one name and unit provides our clients with dedicated solutions for these complex and rapidly growing market segments.� Alternative investment servicing remains a key growth area for State Street. The company acquired hedge fund administrator International Fund Services (IFS) in 2002, and Palmeri Fund Administrators, a private equity fund administrator, in 2007. In addition, State Street�s acquisition of Investors Financial Services Corp. (IFIN) in 2007 further added to the company�s alternative capabilities in the hedge fund and private equity arena. Today State Street is an industry leader, providing alternative investment solutions for more than $550 billion in assets under administration. �The launch of our new Alternative Investment Solutions unit combines our acquired and existing offerings into a single entity and allows us to develop individual solutions that can meet virtually any level of asset servicing requirements for clients with a range of size and complexity,� added Klinck. State Street�s Alternative Investment Solutions team has more than 2,200 employees with locations in Boston, Ireland (Drogheda, Dublin, Naas), Toronto, London, Tokyo, Sydney, New York and New Jersey. Given its strong name recognition among hedge fund managers, IFS will retain its name and identity as International Fund Services, a State Street Company, and the division will operate under the umbrella of State Street Alternative Investment Solutions. 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 web site at www.statestreet.com.