State Street Unveils New Functionality for Global Accounting Service
September 21 2009 - 10:00AM
Business Wire
State Street Corporation (NYSE: STT), the world's leading
provider of financial services to institutional investors, today
announced the launch of eHorizon®, State Street’s enhanced global
accounting system for asset managers and institutional investors.
This integrated, global accounting solution delivers new levels of
functionality, accommodating multiple accounting bases and
providing greater flexibility in managing complex fund structures
such as fund of funds, pooling, master-feeder and multi-managed
arrangements.
Customers are increasingly looking to outsource their accounting
requirements to create operational and technological efficiencies,
minimize risk and support new products and global expansion. Global
expansion requires that asset managers and owners manage multiple
accounting bases, such as GAAP, IFRS and local market tax
practices. Since each customer has unique needs, eHorizon automates
allocations based on customer-specified methodologies and
calculates accurate net asset values (NAVs) in real time at each
level of the fund structure. Flexible fund cycles can also be
accommodated, allowing customers to customize the methodology for
reporting and valuing global portfolios.
Transamerica, one of the leading asset managers and a long-time
State Street customer, has been utilizing the eHorizon service
since April of this year and recognizes the value of the enhanced
capabilities of State Street’s accounting platform: “We have been
impressed by the flexibility of eHorizon to execute sophisticated
processing across our more complicated fund structures: master
feeder, multi-manager, fund-of-fund and multi-class. This
unparalleled service provides true NAV unitization, reducing the
risk of errors while ensuring we can develop new investment
structures and grow our business,” stated Joe Carusone, senior vice
president and treasurer of Transamerica Asset Management Group.
“Asset owners and managers are launching more complex fund
structures, need to bring products to market faster and require
more global controls around operational risk,” said Pat Centanni,
executive vice president and head of global product management for
State Street Investor Services. “The infrastructure required to
manage the accounting, reporting and valuation of these global fund
structures has become significantly more complex and multi-faceted.
State Street’s eHorizon system surpasses many offerings in the
industry by providing a seamless, automated, and comprehensive
accounting process on a single global platform. In addition, the
rules-based architecture and rapid development capabilities allow
increased flexibility and speed to market to help customers expand
into new fund segments such as ETFs and Target Date funds.”
About State Street Corporation
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 web site at www.statestreet.com.
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