State Street Global Advisors Selects Smith Graham to Assist with Management of the U.S. Treasury’s MBS Portfolio
September 24 2010 - 2:17PM
Business Wire
State Street Global Advisors (SSgA), the investment management
business of State Street Corporation, today announced that it has
engaged investment manager Smith, Graham & Co. Investment
Advisors, L.P. (Smith Graham) to help provide asset management
services for the U.S. Department of the Treasury’s Mortgage-Backed
Securities (MBS) Purchase Program.
As a financial agent of the Treasury, SSgA manages a portfolio
of approximately $180 billion in Government-Sponsored Enterprise
(GSE) MBS issued by Fannie Mae and Freddie Mac. Smith Graham, which
is one of the nation’s largest African-American owned fixed-income
investment managers, will assist with portfolio analysis and
reporting. With demonstrated expertise in managing MBS portfolios,
Smith Graham will develop cash flow projections, conduct
stress-testing scenarios, and assess risks to the portfolio.
Under the Housing and Economic Recovery Act of 2008 (HERA), the
Treasury was granted authority to purchase GSE securities to
provide stability to the financial and housing markets, and the
Treasury’s MBS portfolio was acquired in late 2008 and throughout
2009. The HERA authority to purchase new securities for the
portfolio expired in December 2009.
“The opportunity to work with State Street Global Advisors to
help manage the mortgage-backed securities portfolio for the
Treasury Department is a great privilege,” said Gerald Smith,
Chairman & Chief Executive Officer at Smith Graham.
“We are delighted to be collaborating with Smith, Graham &
Company to help the Treasury manage its investments and protect the
taxpayer,” said Brian Kinney, Managing Director at SSgA.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management that sophisticated investors worldwide rely on for a
disciplined investment process, powerful global investment platform
and access to every major asset class, capitalization range and
style. SSgA is the asset management business of State Street, one
of the world’s leading providers of financial services to
institutional investors.
About Smith Graham & Company
Smith, Graham & Co. Investment Advisors, L.P. provides fixed
income and equity investment strategies for institutional clients.
Founded in 1990 in Houston, Texas, Smith Graham is 100%
employee-owned and is one of the nation’s largest minority-owned
investment management firms. As of March 31, 2010, the firm had $5
billion in assets under management, of which $4 billion was managed
utilizing their fixed income strategies. Smith Graham has two
offices: their headquarters in Houston, Texas and a full service
office in New York City. To find out more, please visit
www.smithgraham.com.
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