State Street Enhances Service Solutions for Fund of Hedge Funds
October 19 2009 - 10:00AM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors, today
announced enhancements to its fund of hedge funds service
offerings, which build on its comprehensive suite of services
spanning the hedge fund investment cycle. Fund managers can now
benefit from a combined full-service solution that includes not
only custody, fund accounting, cash management, registration, risk
services, investor services and credit, but also integrated
portfolio construction tools that incorporate current and
prospective fund investments.
The enhanced fund of hedge funds service offering provides ease
of access to State Street’s fund administration services through a
proprietary, web-based platform, AlphaFrontierTM, designed
specifically to meet the needs of State Street’s fund of hedge
funds customers. The fund of hedge funds services can be customized
as a full-service model, a cross-enterprise service solution or as
a targeted set of services to meet each customer’s unique
needs.
“Increasing regulatory and investor demands are prompting more
fund of hedge funds managers to seek a bundled third party
administrator and State Street has long believed in partnering with
our customers to provide fund administration services that optimize
business processes and help mitigate operational risk,” said Jack
Klinck, executive vice president and global head of State Street’s
Alternative Investment Solutions group. “State Street supports the
fund manager’s investment lifecycle and provides additional
transparency into underlying securities positions through exposure
reporting, as well as stress-testing and back-testing
capabilities.”
With more than $400 billion in alternative assets under
administration as of June 30, 2009, State Street’s Alternative
Investment Solutions group provides a complete set of servicing and
management solutions for hedge funds, including recordkeeping, fund
accounting, valuation, risk management and regulatory reporting.
The team includes more than 2,200 employees worldwide.
State Street Corporation (NYSE: STT) is one of the world's
leading providers 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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