State Street Appoints David Puth to Lead Investment Research, Securities Finance and Trading Activities Worldwide
August 20 2008 - 11:11AM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading provider
of financial services to institutional investors, announced today
that David Puth has been named to a newly created position as head
of State Street�s investment research, securities finance and
trading activities worldwide. Puth, age 51, will report to Jay
Hooley, president and chief operating officer of State Street. He
will also join the company�s Operating Group, State Street�s
senior-most strategy and policy-making team. In addition to its
industry leading investment servicing and management capabilities,
State Street provides specialized investment research and trading
to institutional investors across foreign exchange, equities and
fixed income. With more than $14 trillion in volume traded across
asset classes in 2007 and trading relationships with 88 of the 100
Largest Asset Managers1, State Street provides clients with
original flow-based research, innovative portfolio strategies,
trade process optimization, and global connectivity across multiple
asset classes and markets. State Street is also a leading foreign
exchange dealer and is annually selected as one of the best overall
foreign exchange providers in surveys of investment management
firms conducted by top industry publications. Through its global
network of nine foreign exchange trading desks -- in Boston,
Toronto, Montreal, London, Hong Kong, Tokyo, Taipei, Singapore, and
Sydney -- State Street provides its clients with access to industry
specialists 24 hours a day. State Street is also a market leader in
securities finance, with approximately $3 trillion in lendable
assets and nearly $650 billion in assets on-loan as of June 30,
2008. The firm has been providing securities lending services since
1974, and currently lends securities in more than 45 markets around
the world through a global network of trading locations. Hooley
said, �Our Global Markets and Securities Finance businesses have
experienced considerable growth over the past decade as demand
increases for our unique and unconflicted array of lending and
trading services and our proprietary flow-based research. Our model
positions us to capture considerable market share in the future,
particularly given the heightened need for these services fueled by
expansion within the alternative and hedge fund sectors. I am
confident that, with his global experience and industry knowledge,
David will be an excellent leader of these engines of our future
growth.� Puth has more than two decades of experience managing and
leading capital markets and trading businesses within global
financial firms in Europe and the United States including Citigroup
and JP Morgan heritage corporations. At JP Morgan Chase, Puth was a
member of the firm�s Executive Committee and the Investment Bank�s
Management Committee and was head of Global Currency and
Commodities, Sales, Trading and Research. Puth also had
responsibility and strategic oversight for its Global Emerging
Markets businesses including fixed income, currencies and research
for Latin America, Eastern Europe and Asia. While at Chemical Bank,
Puth developed and managed the bank�s proprietary investments in a
portfolio of hedge funds which later became part of JP Morgan
Capital Partners. After leaving JP Morgan at the end of 2006, Puth
founded the Eriska Group, an investment advisory and risk
management consulting firm. Throughout his career he has served on
a number of boards including iCap, a FTSE 100 brokerage firm, and
the Federal Reserve Foreign Exchange Committee, which he chaired
from 2001 to 2003. He has also served as a senior advisor to JH
Whitney Investment Management. Puth is a member of the boards of
the Robin Hood Foundation, an organization dedicated to fighting
poverty in New York City, and the Institute for Global Leadership
at Tufts University. He is also a trustee of the Berkshire School,
a preparatory school in Sheffield, Mass. Puth holds a Bachelor of
Arts degree from Tufts University. Puth said, �I�ve admired State
Street for many years both as a competitor and a counterparty and
am delighted to now join the firm and work alongside an outstanding
management team within these businesses. State Street�s research
and trading business strategy has avoided the traditional sell-side
approach in favor of one that is truly transformational and
client-focused in terms of its neutrality and ability to
simultaneously serve the needs of asset owners, asset managers and
broker dealers. Aligning this business more closely with what is a
world-class leading securities finance capability will greatly
enhance the services we can provide to clients worldwide.� 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 $1.9
trillion in assets under management at June 30, 2008, State Street
operates in 26 countries and more than 100 geographic markets
worldwide and employs 28,700 worldwide. For more information, visit
State Street�s website at www.statestreet.com. Footnote: 1 As
measured by Global Investor Magazine�s 2007 annual survey
Forward-Looking Statements This news announcement contains
forward-looking statements as defined by United States securities
laws, including statements about State Street�s strategies and the
demand for its products and services, as well as its goals,
opportunities and business environment. These statements are not
guarantees of future results or performance, are inherently
uncertain, are based on current assumptions that are difficult to
predict and involve a number of risks and uncertainties. Therefore,
actual outcomes and results may differ materially from what is
expressed in those statements, and those statements should not be
relied upon as representing State Street's expectations or beliefs
as of any date subsequent to the date of this release. Important
factors that may affect future results and outcomes include the
levels of interest rates, volatility, performance, liquidity and
other factors relevant to securities, currency and other markets in
the U.S. and internationally and economic and other governmental
actions designed to address those factors; the performance and
demand for the products and services State Street offers; the
competitive environment in which State Street operates; State
Street�s ability to continue to grow revenue, control expenses and
attract the capital necessary to achieve its business goals and
comply with regulatory requirements; State Street�s ability to
manage systemic risks and control operating risks; trends in the
globalization of investment activity and the growth on a worldwide
basis in financial assets; trends in governmental and corporate
pension plans and savings rates; and the other financial, market,
competitive, regulatory and business factors set forth in State
Street's 2007 Annual Report on Form 10-K and its subsequent SEC
filings, including, in particular, its Current Report on Form 8-K
dated June 2, 2008. State Street encourages investors to read these
filings, particularly the sections on Risk Factors, for additional
information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking
statements contained in this press release speak only as of the
date hereof, August 20, 2008, and State Street does not undertake
efforts to revise those forward-looking statements to reflect
events after this date.
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