State Street Named by Marshall Wace to Provide Investment Services for New Exchange Traded Fund
April 22 2010 - 10:43AM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that it has been appointed to provide investment
services to hedge fund group Marshall Wace for its new
equity-neutral exchange traded fund (ETF)– MW TOPS Global Alpha.
According to Marshall Wace, it is the first ETF targeting an
absolute return from a single investment strategy and the first ETF
in Europe to be run by a dedicated alternative asset manager.
The innovative fund, listed on the London and Frankfurt stock
exchanges, provides exposure to a range of investment strategies,
comprising mainly large-cap equities and equity-related securities.
State Street’s operations in Ireland will provide a comprehensive
range of custody and fund administration services to the new
fund.
Marshall Wace’s decision was guided by State Street’s experience
in the ETF servicing marketplace, its global presence and local
leadership in investment servicing, and its demonstrable expertise
in supporting a complex, high volume, UCITS compliant, daily
valuing fund.
“We are delighted to have been selected by Marshall Wace to
provide investment services for this innovative new product,” said
Gavin Nangle, vice president and Head of Business Development for
State Street in Ireland. “Marshall Wace is one of the leading
forces in the alternatives segment of the market and we look
forward to building a meaningful and long-term partnership with
them.”
Since its entry into the Irish market in 1996, State Street has
grown to be one of the country’s largest fund administrators and
custodians. State Street has approximately 2,000 employees in
Ireland and has offices in Dublin, Drogheda, Kilkenny and Naas.
About State Street
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 $19 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at March 31, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street at www.statestreet.com.
About Marshall Wace
Marshall Wace is one of the world’s leading hedge fund groups
managing global equity long-short strategies. Marshall Wace was
established in 1998 and today has offices in London, Connecticut
and Hong Kong.
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