State Street Wins Outsourcing Provider of the Year Award from Custody Risk Magazine
May 29 2012 - 9:00AM
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 won Custody Risk magazine’s 2012
Outsourcing Provider of the Year award for the second consecutive
year.
The Custody Risk Americas Awards recognize outstanding achievers
in the securities services industry in both North and South
America. The selection criteria included an evaluation of client
wins and renewals, outsourcing services provided and innovations in
services, cost control initiatives, and factors that differentiated
the company from its competitors.
“We are honored to once again be recognized by Custody Risk as
Outsourcing Provider of the Year,” said Jeff Conway, executive vice
president and head of State Street’s Investment Manager Services
business. “In today’s market environment, increasing product and
operational complexity, new regulations, falling profitability and
a need to focus on core competencies are driving asset managers’
need for outsourcing. Recent research by State Street underscores
asset managers’ concerns about their ability to bring products to
market quickly and deliver on increased client and regulatory
reporting needs. To address the increased complexity arising from
regulation and globalization, they are seeking closer partnerships
with service providers, and State Street helps clients focus on
their core business strategies by providing a comprehensive suite
of outsourcing services backed by advanced technology.”
State Street provides outsourcing services for more than $8
trillion in assets1 including transaction management, investment
recordkeeping, reconciliation, corporate action processing, data
management, performance measurement, client reporting, OTC
derivatives processing, collateral management and valuation. Some
of the new solutions launched in the last year include a Collateral
Tracking service and the State Street SpringboardSM mobile app. The
Collateral Tracking service helps asset managers and owners
accurately assess and manage counterparty risk through up-to-date
reporting of all collateral movements. The State Street Springboard
mobile application for the iPad allows clients to view essential
portfolio information and leverages content and information from
my.statestreet.com, State Street’s online information delivery
platform.
“As asset managers seek fresh strategies and redefine their
operational framework, product position and growth potential, new
relationships are being forged between investors and service
providers,” said Conway. “State Street is committed to continually
evolving and helping our clients navigate the changing market
environment as not as a product provider but as a solutions
partner.”
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 $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.
1 As of March 13, 2012
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