State Street Announces New Risk Reporting Service for Hedge Funds
May 01 2012 - 9:10AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors,
announced today an Open Protocol Enabling Risk Aggregation
(OPERA)-compliant reporting solution designed to ease the reporting
process for hedge fund managers and institutional investors with
hedge fund investments.
Open Protocol Enabling Risk Aggregation (OPERA) is a new
protocol that standardizes the methods of collection, collation,
and conveyance of risk information by hedge funds. When combined
with State Street’s leading-edge risk management platform (TruView)
it provides investors with a more comprehensive set of risk
analytics and a consistent reporting framework for each of their
hedge fund investments.
“State Street is committed to developing solutions that address
the evolving needs of sophisticated asset managers,” said George
Sullivan, executive vice president and global head of Alternative
Investment Solutions at State Street. “Our OPERA-compliant
reporting solution reduces the need for hedge fund managers to
produce data in multiple formats, enabling efficiency in risk
transparency disclosures.”
State Street collaborated with an industry working group of
leading hedge fund managers and institutional investors for the
development of OPERA to ensure it met industry needs. The solution
defines consistent practices, including common principles, metrics
and language to facilitate better understanding and aggregation of
hedge fund risk information.
“This new and innovative solution complements our comprehensive
suite of transparency reporting services for hedge funds,” said
Patrick Centanni, executive vice president and head of Global
Product Management at State Street. “We expect our OPERA-compliant
reporting solution will help investors better understand their
hedge fund investments and proactively manage their risks.”
With approximately $895 billion in alternative assets under
administration as of March 31, 2012, State Street provides a
complete suite of fund accounting, fund administration, corporate
administration, and risk analytics and credit services to
institutional investors, hedge fund, private equity and real estate
fund managers.
About State Street Corporation
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 $23.2 trillion in assets
under custody and administration and $2 trillion* in assets under
management at March 31, 2012, State Street operates in 29 countries
and more than 100 geographic markets. For more information, visit
State Street’s web site at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$68 billion as of March 31, 2012), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
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