State Street Global Advisors (SSGA) today announced additions to
its cash management product line-up designed to provide clients
with options as they plan for market and regulatory changes to the
cash investing landscape.
“The environment for cash investors changed dramatically after
the 2008 financial crisis. We developed these products to offer a
broad array of solutions to best meet the cash management needs of
global institutions,” said Barry F.X. Smith, head of SSGA’s Global
Cash Business. “After speaking at length with clients and
conducting broad-based market research, we are confident that we
are offering them the right mix of options to meet their cash
investment and business needs.”
When launched, the addition of the six new funds, three money
market funds and three bond funds, will bring the total number of
SSGA’s cash and short term fixed income fund offerings to 14.
Prime Money Market FundsSSGA will continue to offer prime
money market funds and is adding three new prime funds to
complement its flagship fund, State Street Institutional Liquid
Reserves Fund.
Institutional Prime Funds:
- State Street 60 Day Money Market
Fund:
- The State Street 60 Day Money Market
Fund will seek to provide preservation of capital while generating
current income, and will serve as a bridge fund between prime and
government strategies.
- State Street Institutional Liquid
Assets Fund:
- The State Street Institutional Liquid
Assets Fund will seek to maximize current income, to the extent
consistent with the preservation of capital and liquidity by
investing in US dollar‐denominated money market securities. The
fund will carry a maximum weighted average maturity (WAM) of 60 and
maximum weighted average life (WAL) of 120.
Retail Prime Fund:
- State Street Cash Reserves Fund:
- The State Street Cash Reserves Fund
will seek to maximize current income, to the extent consistent with
the preservation of capital and liquidity and the maintenance of a
stable $1.00 per share net asset value (“NAV”) by investing in US
dollar-denominated money market securities.
- This fund will be offered to
intermediaries with a retail client base. As a retail fund, it will
seek to maintain a constant NAV. However, it is subject to Rule
2a-7’s liquidity fee and redemption gate requirements.
Short-Term Bond Funds:
To further demonstrate its short term fixed income management
capabilities, SSGA intends to offer the following short-term bond
funds not subject to Rule 2a-7’s liquidity fees or redemption
gates:
- State Street Current Yield Fund:
- This State Street Current Yield Fund
will seek to provide current yield, and intends to invest up to
100% of its assets in tier II credits and maintain a maximum WAM of
45, maximum WAL of 60 and a maximum final maturity of 90 days.
- State Street Conservative Income
Fund:
- The State Street Conservative Income
Fund will seek to provide current income, while seeking to maintain
a WAM of 90 and a WAL of 250.
- State Street Ultra Short Term Bond
Fund:
- The State Street Ultra Short Term Bond
Fund will seek to provide current income and total return. This
fund will hold a diversified portfolio of investment grade
securities.
“As regulations come into effect in 2016, we anticipate an
increase in demand for short-term government securities,” added
Smith. “In addition to these six new funds, we also continue to
evaluate opportunities for new product development, and we remain
actively engaged in discussions with our distribution partners and
clients in an effort to understand how our investors’ liquidity and
cash management needs are changing.”
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been
committed to helping our clients, and those who rely on them,
achieve financial security. We partner with many of the world’s
largest, most sophisticated investors and financial intermediaries
to help them reach their goals through a rigorous, research-driven
investment process spanning both indexing and active disciplines.
With trillions* in assets, our scale and global reach offer clients
unrivaled access to markets, geographies and asset classes, and
allow us to deliver thoughtful insights and innovative
solutions.
State Street Global Advisors is the investment management arm of
State Street Corporation.
*Assets under management were $2.2 trillion as of September 30,
2015. Please note that AUM totals are unaudited.
The Fund’s SAI includes additional information about the Fund
and is incorporated by reference into this document. Additional
information about the Fund’s investments will be available in the
Fund’s annual and semiannual reports to shareholders.
The Prospectus and SAI are available, and the Fund’s annual and
semi-annual reports will be available, without charge, upon
request. Shareholders in the Fund may make inquiries to the Fund to
receive such information by calling State Street Global Markets,
LLC at (877) 521-4083 or by writing to the Fund, c/o State Street
Global Markets, LLC, State Street Financial Center, One Lincoln
Street, Boston, Massachusetts 02111-2900.
Information about the Fund (including the SAI) can be reviewed
and copied at the SEC’s Public Reference Room in Washington, D.C.
Information on the operation of the Public Reference Room may be
obtained by calling the SEC at 1-202-551-8090. Reports and other
information about the Fund are available free of charge on the
EDGAR Database on the SEC’s Internet site at http://www.sec.gov.
Copies of this information also may be obtained, after paying a
duplicating fee, by electronic request at the following E-mail
address: publicinfo@sec.gov, or by writing the SEC’s Public
Reference Section, Washington, D.C. 20549-1520.
An investment in the fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government
agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by
investing in the fund.
These investments may have difficulty in liquidating an
investment position without taking a significant discount from
current market value, which can be a significant problem with
certain lightly traded securities.
Diversification does not ensure a profit or guarantee against
loss.
U.S. Treasury bills are insured and guaranteed by the U.S.
government. U.S. Treasury Bills maintain a stable value if held to
maturity, but returns are generally only slightly above the
inflation rate.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a wholly owned subsidiary of State Street Corporation. The
Fund pays State Street Bank and Trust Company for its services as
custodian, transfer agent and shareholder servicing agent and pays
SSGA Funds Management, Inc., an affiliate of State Street Bank and
Trust Company, for investment advisory services.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1.877.521.4083 or visit SSGA.com/cash. Read it
carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
2015 State Street Corporation - All Rights Reserved
CORP-1634Expiration date: 10/31/2016
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151028006230/en/
State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@statestreet.com
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2024 to Jul 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jul 2023 to Jul 2024