State Street Recognised with Three Top Honours At 2008 ICFA Global Awards
June 13 2008 - 11:26AM
Business Wire
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
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