State Street Launches New Suite of Services for Money Market Funds
May 05 2010 - 12:00PM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors, today
announced that it has developed a suite of money market fund
services designed to help advisors comply with new amendments to
the Rule 2a-7 regulations governing money market funds. These new
capabilities help funds manage new liquidity, maturity and credit
quality guidelines for disclosure and reporting.
“This comprehensive suite of money market fund services is
specifically designed to help advisors meet the requirements of the
regulations without having to invest in additional infrastructure,”
said Alan Greene, executive vice president of Global Services for
State Street Corporation. “State Street’s solution provides a range
of stress tests to help clients assess the stability of their
portfolios in times of market turmoil, as well as new calculations,
reporting and filings to help clients meet all of the new SEC
guidelines.”
The new capabilities include new weighted average life (WAL)
calculation and a monthly portfolio of investment statements and
data. State Street will also aggregate data to prepare the new Form
N-MFP for SEC filing on a monthly basis. The stress tests detail
fund performance in response to hypothetical market scenarios,
supplying fund managers with the analytical information necessary
to assess a fund’s ability to maintain a stable NAV. Pre-set
scenarios that are tested include interest rate shifts, increased
shareholder redemptions, downgrades or defaults on portfolio
securities, widening and narrowing of spreads, and “combination
events” – i.e., an amalgamation of interest rate, credit and
liquidity tests. The analytics package can also perform historical
stress tests based on past crisis events, such as assessing the
impact of the market events of September 2008 on a fund’s current
portfolio holdings. These stress tests can be generated on a
monthly, weekly or daily basis. Additionally, clients can access
the advanced capabilities of State Street’s risk experts for
support and consulting if required.
About State Street investment Analytics
State Street’s Investment Analytics team offers services through
global locations including Alameda, Amsterdam, Boston, Dublin,
Edinburgh, Frankfurt, London, Luxembourg, New York, Paris, Sydney,
Toronto and Zurich. It calculates performance for over 1100 clients
globally on asset volumes exceeding $6.5 trillion.
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.
State Street (NYSE:STT)
Historical Stock Chart
From May 2024 to Jun 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2023 to Jun 2024