State Street Global Advisors (SSgA), the investment management
business of State Street Corporation (NYSE: STT) today announced
that it has entered into an agreement with Nuveen Investments, a
leading global provider of investment services to institutions and
high-net-worth investors, under which Nuveen will become
sub-adviser for municipal bond SPDR® exchange traded funds (ETFs)
along with other municipal bond investment strategies managed by
State Street Global Advisors.
Under the terms of the agreement, Nuveen Asset Management, a
recognized leader in the municipal bond market, will be responsible
for managing the assets of five existing municipal bond SPDR ETFs
under oversight of SSgA Funds Management, Inc. (“SSgA FM”) and the
Board of Trustees for each SPDR ETF. SSgA FM will continue to serve
as the investment adviser for the municipal bond SPDR ETFs. With
nearly $2 billion in assets, SSgA’s municipal bond ETFs will be
re-branded as SPDR Nuveen municipal ETFs and include:
- SPDR Barclays Capital Municipal
Bond ETF (TFI);
- SPDR Barclays Capital California
Municipal Bond ETF (CXA);
- SPDR Barclays Capital New York
Municipal Bond ETF (INY);
- SPDR Barclays Capital Short Term
Municipal Bond ETF (SHM);
- SPDR S&P VRDO Municipal Bond
ETF (VRD).
The sub-advisory agreement, which has been approved by the Board
of Trustees and shareholders for each SPDR ETF, will become
effective on April 1, 2010.
“Bringing together Nuveen’s extensive experience in managing
municipal bond portfolios with State Street’s leadership in
exchange traded funds creates an unmatched offering in municipal
bond portfolios,” said Jim Ross, senior managing director at State
Street Global Advisors. “
To ensure a seamless transition, Tim Ryan, lead portfolio
manager of the municipal bond SPDR ETFs and a Unit Head for State
Street Global Advisors’ Municipal Bond Group, will transition to
Nuveen Asset Management as senior vice president. As of December
31, 2009, Nuveen managed nearly $70 billion in municipal bond
securities.
“We are pleased to be teaming up with State Street, the firm
that created the first exchange traded fund, to provide investors
and investment professionals with precise investment products that
combine the advantages of municipal bonds and ETFs,” said Bill
Huffman, chief operating officer and co-head of Nuveen Asset
Management. “The synergies created by this partnership will benefit
investors and create exciting new opportunities for
collaboration.”
Anthony Rochte, senior managing director at State Street Global
Advisors commented. “Through this arrangement, investors will
benefit from the combined intellectual capital of Nuveen and State
Street Global Advisors, a value proposition that positions our very
successful family of municipal bond SPDR ETFs for continued
growth.”
State Street Global Advisors is one of the largest ETF providers
globally with assets under management for SPDR ETFs totaling more
than $204 billion as of December 31, 2009.
About Nuveen Investments
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions and
high net worth investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets its growing
range of specialized investment solutions under the high-quality
brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed
nearly $145 billion of assets on December 31, 2009. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
About State Street Global Advisors
State Street Global Advisors, the investment management business
of State Street Corporation (NYSE: STT), delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.9
trillion in assets under management at December 31, 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.
SPDR ETFs are managed by SSgA Funds Management, Inc., a
registered investment adviser and wholly owned subsidiary of State
Street Bank and Trust Company
ETFs trade like stocks, are subject to investment risk and will
fluctuate in market value.
Bond funds contain interest rate risk (as interest rates rise
bond prices usually fall); the risk of issuer default; and
inflation risk. The municipal market can be affected by adverse
tax, legislative or political changes and the financial condition
of the issuers of municipal securities.
"SPDR®" is a registered trademark of Standard & Poor’s
Financial Services LLC ("S&P") and has been licensed for use by
State Street Corporation. No financial product offered by State
Street Corporation or its affiliates is sponsored, endorsed, sold
or promoted by S&P or its Affiliates, and S&P and its
affiliates make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in such
products. Standard & Poor’s®, S&P®, SPDR®, S&P 500® and
Select Sector SPDRs® are registered trademark of Standard &
Poor’s Financial Services LLC and have been licensed for use by
State Street Corporation.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a wholly owned subsidiary of State Street Corporation.
References to State Street may include State Street Corporation and
its affiliates. Certain State Street affiliates provide services
and receive fees from the SPDR ETFs.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257 or visit www.spdrs.com. Read it
carefully.
CORP-0074
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