Norges Bank Appoints State Street as Administrator for $20 Billion Real Estate Mandate
May 19 2010 - 11:00AM
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 by Norges Bank to
provide fund administration services for the real estate portion of
the Norwegian Government’s Pension Fund. State Street will provide
administration, accounting and director services for the fund’s $20
billion global real estate investments and will also provide
reporting and joint venture structuring services.
State Street, through its acquisition of leading fund
administrator Mourant International Fund Administration (MIFA) in
April, has become a leading provider of services to real estate
funds providing full-service fund administration services to more
than 290 primary funds and approximately $50 billion in real estate
assets under administration.
“We are delighted to have been appointed as Norges Bank’s real
estate service provider,” said George Sullivan, executive vice
president of State Street’s alternative investment solutions group.
“This sovereign fund is a significant client for us, and we are
very much looking forward to taking on this new assignment and
working with the team at Norges Bank to provide them with services
for the real estate allocation of their growing fund.”
State Street’s real estate services are part of its Alternative
Investment Solutions team. With more than $600 billion in
alternative assets under administration as of April 1, 2010, State
Street’s Alternative Investment Solutions group provides a complete
suite of fund accounting, fund administration, corporate
administration, risk and credit services to institutional
investors, hedge fund managers, private equity fund managers and
real estate fund managers. The team includes more than 3,000
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 $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.
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