State Street Global Advisors Launches US Community Investing Index Strategy
December 07 2009 - 9:00AM
Business Wire
State Street Global Advisors, the investment management arm of
State Street Corporation (NYSE: STT), today announced the launch of
its US Community Investing Index strategy, the only offering that
seeks to match the returns and characteristics of the US Community
Investing IndexTM (USCII).
“We are pleased to be the exclusive provider of an investment
strategy that tracks the US Community Investing Index,” said Arlene
Rockefeller, executive vice president and Global Equities CIO at
State Street Global Advisors. “The USCII’s composition and tight
historical tracking to the S&P 500 make our new offering a
compelling option for a wide range of institutional investors who
are seeking a passively-managed environmental, social and
governance (ESG)-related solution with low-cost
implementation.”
The underlying investment approach for SSgA’s US Community
Investing Index strategy is to buy and hold securities with the aim
to minimize turnover and transaction costs, trading only when the
composition of the Index changes or when cash flow activity occurs
in the strategy.
Launched in 2005 by the F.B. Heron Foundation in collaboration
with Innovest Strategic Value Advisors, the US Community Investing
Index is comprised of more than 300 large- and mid-cap companies
spanning all sectors that have demonstrated successful and
proactive engagement with economically underserved populations in
rural and urban communities in the United States. The USCII employs
a methodology that positively evaluates the community investment
and engagement performance of a broad universe of companies, using
three main factors: strategic alignment, workforce development and
wealth creation and community engagement and corporate
philanthropy.
“By positively screening for companies with strong track records
in community investing, the US Community Investing Index can be
considered part of the second generation of the evolution of
environmental, social and governance (ESG) investing ” said Luther
M. Ragin, Jr., Chief Investment Officer, the F.B. Heron Foundation.
“We are pleased to partner with State Street Global Advisors to
deliver this unique and differentiated approach to community
investing using marketable equities.”
SSgA has managed ESG assets for more than 20 years offering a
broad framework of product solutions that encompasses different
investment approaches such as sustainability investing, socially
responsible investing or mission-related investing. As of September
30, 2009, SSgA manages more than $90 billion in ESG assets
globally.
About State Street Global Advisors
State Street Global Advisors, the investment management arm of
State Street Corporation (NYSE: STT), delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.7
trillion in assets under management at September 30, 2009, State
Street Global Advisors has investment centers in Boston, Hong Kong,
London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto
and Zurich, and offices in 26 cities worldwide. For more
information, visit State Street Global Advisors at
www.ssga.com.
The US Community Investing Index is a trademark of The F.B.
Heron Foundation and has been licensed for use by State Street
Global Advisors. The strategy is not sponsored, endorsed, sold or
promoted by F.B. Heron Foundation and F.B. Heron Foundation makes
no representation regarding the advisability of investing in the
Products.
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