State Street Releases New Vision Series Report on Sovereign Wealth Funds
August 19 2009 - 9:00AM
Business Wire
State Street Corporation (NYSE:STT), the world’s leading
provider of financial services to institutional investors, today
released its latest Vision Series report examining the impact of
the recent financial markets on sovereign wealth funds. Entitled
“Sovereign Wealth Funds: Emerging from the Financial Crisis,” the
report assesses the funds’ short- and long-term outlook, from
investment opportunities to corporate governance issues.
This new Vision paper updates an earlier Vision Series report on
sovereign wealth funds published in mid-2008, and highlights the
dramatically altered investment and political environment facing
these funds due to the global financial turmoil.
“The unprecedented events within the financial marketplace have
significantly changed both the public perception of sovereign
wealth funds and the way these funds perceive their own role as
very large institutional investors,” said Jay Hooley, president and
chief operating officer of State Street. “The sizeable challenges
and opportunities confronting sovereign wealth funds today
compelled us to revisit the themes in our 2008 Vision report to
assess the immediate and long-term implications of the crisis.”
With renewed debate about the global financial structure and the
need for a super-sovereign reserve currency, the Vision report
contends that the post-crisis reality has created an excellent
basis upon which sovereign wealth funds and the rest of the global
financial community can further their cooperation and forge a
mutually beneficial coexistence.
The report states, “The funds have experienced substantial
declines in both their investment valuations and in the value of
the commodities and exports that support their growth. This
downturn has prompted a reassessment not only of the funds’
investment assumptions and approaches, but more broadly of their
priorities and objectives in a new financial world order.”
The paper also concludes that, “Given the vast pool of assets
they represent, sovereign wealth funds will be important
participants in shaping the future of global finance.”
Three State Street experts authored the Vision report: John
Nugée, managing director of SSgA and head of OIG; Andrew Rozanov,
head of Sovereign Advisory and managing director at State Street
Global Markets, the investment research and trading arm of State
Street; and George Hoguet, senior portfolio manager and global
investment strategist at SSgA.
State Street’s Vision Series of in-depth reports is intended to
advance understanding of key themes and trends in the financial
services industry. To obtain a copy of this report or for more
information, members of the press can contact
publicrelations@statestreet.com. All other requests can be directed
to vision@statestreet.com. Previous reports in State Street's
Vision series address a range of topics, including derivatives
servicing, the insurance industry, hedge funds and private equity,
and investment operations outsourcing.
About State Street
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 $16.4 trillion in assets
under custody and administration, and $1.6 trillion in assets under
management at June 30, 2009, State Street operates in 27 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
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