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 been named best service provider across three categories at the 2008 International Custody and Fund Administration (ICFA) Global Awards. Announced during a recent award ceremony held at the Grosvenor House Hotel in London, State Street was named �Global Transition Management Provider of the Year,� �Global Private Equity Fund Administrator of the Year� and �Global Securities Lender of the Year.� �We are delighted to receive three top honours this year which underscore the global scale of our offerings and ability to provide our customers with a range of product and servicing solutions across the investment servicing spectrum,� said Jim Phalen, executive vice president and head of international operations for State Street�s investment servicing and investment research and trading businesses. �These awards showcase State Street�s commitment to staying ahead of the industry�s changing requirements and are a strong testament to our talented employees across the organisation.� As �Global Transition Management Provider of the Year,� State Street stood out for the depth and breadth of its services. Having pioneered the transition management process more than two decades ago, State Street was recognised for extending its global experience and leadership in the industry to offer portfolio insight and strategy recommendations during all stages of the investment processes. Combined with an innovative set of Portfolio Solutions, State Street was also cited for a high-level of client service and efficiency in identifying opportunities, executing strategies, optimizing returns, and managing ongoing risks. As �Global Private Equity Fund Administrator of the Year,� State Street was credited with changing the landscape for administration through the strategic acquisitions of Palmeri Fund Administrators and Investors Financial Services Corporation. State Street currently services 90 fund sponsors managing more than $100 billion in commitments and earned top marks for its proprietary platform, which efficiently processes complex �waterfall� allocations, enables the timely delivery of cash distributions and financial reporting, and allows increased transparency for customers. State Street was also recognised as �Global Securities Lender of the Year,� for facilitating 24-hour access to international markets across four asset classes, enabling complex cross-border transactions, managing tax and regulatory issues through careful due diligence and showcasing thought leadership in developing new products. With approximately $3 trillion of securities in a global lending pool, State Street has full operations centres in Boston, London and Tokyo and is the only global securities lending agent with dedicated, full-service capabilities in Asia. The ICFA Global Awards recognise and highlight excellence and specific achievement throughout many sectors of the international investment back office, encouraging service providers to raise standards and improve efficiency and client service. The range and number of Global Award categories for 2008 have been designed to reflect and reward providers in what has rapidly become a truly international industry. A team of expert judges, chaired by ICFA editor Jason Conway, selected the 2008 award winners. The panel included: Angela Knight, chief executive officer of the British Bankers Association, Dr Werner Frey, managing director of the European Securities Services Forum, Jeremy Charles, chief operating officer of Thames River Capital, Dean Lumer, partner of the consulting firm Morse, Terry McCaughey, independent adviser at Terry McCaughey Associates. 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