Announces Client Advisory Board Chaired by Ontario Municipal
Employees Retirement System
State Street Corporation (NYSE: STT) today announced that it has
completed its acquisition of Charles River Systems, Inc. (Charles
River Development). The combination of State Street and Charles
River Development will enable the industry’s first-ever global
interoperable platform connecting the front, middle and back office
with one provider. This platform, supported by deep enterprise data
management capabilities, will accelerate investment workflows,
provide advanced data aggregation, analytics and compliance tools,
and connect and exchange data with other industry platforms and
providers.
“The combination of State Street and Charles River Development
will create an open platform that will standardize data and systems
across multiple asset classes and the entire investment lifecycle.
We are delighted to welcome the more than 700 talented employees
who join State Street today and look forward to working with the
Charles River Development clients to support their current and
future business needs,” said Jay Hooley, chairman and CEO of State
Street.
State Street also announced today the establishment of a Charles
River Development Client Advisory Board to provide ongoing
strategic input into the platform development, engage with peers
across the industry, as well as shape new products and solutions
aligned with market and industry trends. Jenny Tsouvalis, senior
vice president and enterprise head of investment reporting,
operations and applications for OMERS Administration Corporation,
will chair the advisory board.
“I have worked closely with State Street and Charles River
Development, and I am excited about the opportunity to chair this
new client advisory board,” said Tsouvalis. “From the inception of
our relationship with Charles River Development, the functionality
has grown each year expanding and offering both front- and
middle-office business solutions that we have taken advantage of
and implemented. The acquisition by State Street creates a deeper
platform to develop additional workflow features and integration to
support the front, middle and back offices. As a client, we see
this as an opportunity to further grow the product and increase
with expanded innovative capabilities.”
John Plansky has been named CEO of Charles River Development.
Plansky has led State Street’s Global Exchange business for the
last 18 months, where he oversaw the expanded launch of a number of
front-office solutions including State Street Verus SM, investible
indices and DataGX(SM), State Street’s end-to-end data warehousing
solution. As a former partner at PwC and Booz & Co. and CEO of
Nervewire, Plansky has a history of leading global teams, growing
businesses and integrating teams with different expertise and skill
sets. State Street will also continue to benefit from the years of
experience that Charles River Development’s founder, Peter
Lambertus, brings as he transitions into a planned new role as
strategic consultant to the firm.
A new study conducted by Longitude Research for State Street
that analyzes asset managers’, owners’ and insurance companies’
sentiments about growth prospects finds that data and technology
are increasingly important, with more than 42 percent of survey
respondents viewing the development of new tools to achieve an
investment advantage as an urgent priority. The global study of
more than 500 investment industry executives also found that the
ability to extract better insights from data is a key consideration
for improvement, and strengthening risk analytics was cited by 43
percent of respondents as a top outcome their technology investment
must deliver over the next year. Furthermore, nearly two-thirds (64
percent) of asset managers in the study are investing in new
performance analytics tools.
Forward Looking Statements -
This news release contains forward-looking statements as defined
by United States securities laws, including statements relating to
State Street’s acquisition of Charles River Development and related
business, product and servicing effects and considerations.
Forward-looking statements are often, but not always, identified by
such forward-looking terminology as “will,” “opportunity,”
“expect,” “estimate,” “project,” “anticipate,” “plan,” “strategy,”
“propose,” “priority,” “intend,” “may,” “objective,” “forecast,”
“outlook,” “believe,” “seek,” “trend,” “target,” and “goal,” or
similar statements or variations of such terms. These statements
are not guarantees of future performance, are inherently uncertain,
are based on current assumptions that are difficult to predict and
involve a number of risks and uncertainties. Therefore, actual
outcomes and results may differ materially from what is expressed
in those statements, and those statements should not be relied upon
as representing our expectations or beliefs as of any time
subsequent to the time this news release is first issued.
Factors that could cause changes in the expectations or
assumptions on which forward-looking statements are based cannot be
foreseen with certainty and include, but are not limited to:
- the possibility that some or all of the
anticipated financial, operational, product innovation or other
benefits or synergies of the acquisition will not be realized when
expected or at all, including as a result of the impact of,
additional costs or unanticipated negative synergies associated
with, or problems arising from, the integration of Charles River
Development, as a result of regulatory or operational challenges we
may experience, as a result of disruptions from the transaction
harming relationships with our clients, employees or regulators, or
as a result of the strength of the economy and competitive factors
in the areas where we and Charles River Development do
business;
- potential adverse reactions or changes
to client, regulatory, business or employee relationships,
including those resulting from the announcement or completion of
the acquisition;
- demand for our and Charles River
Development’s services and product offerings;
- requirements to obtain the prior
approval or non-objection of the Federal Reserve or other U.S. and
non-U.S. regulators for, or other market, business or other factors
that could challenge our execution or implementation of or cause
changes to, the use, allocation or distribution of our capital or
other specific capital actions or corporate activities, including,
without limitation, acquisitions, dividends, stock purchases and
redemptions and investments in subsidiaries;
- the large institutional clients on
which we focus are often able to exert considerable market
influence and have diverse investment activities, and this,
combined with strong competitive market forces, subjects us to
significant pressure to reduce the fees we charge for our or may
charge for Charles River Development’s products or services and to
potentially significant changes in our fee revenue;
- our ability to recognize evolving needs
of our and Charles River Development’s clients and to develop
products that are responsive to such trends and profitable to us;
the performance of and demand for the products and services we and
Charles River Development offer; and the potential for new products
and services to impose additional costs on us and expose us to
increased operational risk;
- our ability to control operational
risks, data security breach risks and outsourcing risks, our
ability to protect our intellectual property rights, the
possibility of errors in the quantitative models we use to manage
our business and the possibility that our controls will prove
insufficient, fail or be circumvented;
- our ability to expand our use of
technology to enhance the efficiency, accuracy and reliability of
our operations and our dependencies on information technology and
our ability to control related risks, including cyber-crime and
other threats to our information technology infrastructure and
systems (including those of our third-party service providers) and
their effective operation both independently and with external
systems, and complexities and costs of protecting the security of
such systems and data;
- adverse changes in the regulatory
ratios that we are, or will be, required to meet, whether arising
under the Dodd-Frank Act or implementation of international
standards applicable to financial institutions, such as those
proposed by the Basel Committee, or due to changes in regulatory
positions, practices or regulations in jurisdictions in which we
engage in banking activities, including changes in internal or
external data, formulae, models, assumptions or other advanced
systems used in the calculation of our capital or liquidity ratios
that cause changes in those ratios as they are measured from period
to period;
- changes in law or regulation, or the
enforcement of law or regulation, that may adversely affect our or
Charles River Development’s business activities or those of our or
Charles River Development’s clients or counterparties, and the
products or services that we or Charles River Development sell,
including additional or increased taxes or assessments thereon,
capital adequacy requirements, margin requirements and changes that
expose us or Charles River Development to risks related to the
adequacy of our or Charles River Development’s controls or
compliance programs;
- adverse publicity, whether specific to
State Street or Charles River Development or regarding other
industry participants or industry-wide factors, or other
reputational harm; and
- our ability to grow revenue, manage
expenses, attract and retain highly skilled people and raise the
capital necessary to achieve our business goals and comply with
regulatory requirements and expectations.
Other important factors that could cause actual results to
differ materially from those indicated by any forward-looking
statements are set forth in State Street’s 2017 Annual Report on
Form 10-K and its subsequent SEC filings. Investors are encouraged
to read these filings, particularly the sections on risk factors,
for additional information with respect to any forward-looking
statements and prior to making any investment decision. The
forward-looking statements contained in this news release should
not be relied on as representing State Street’s expectations or
beliefs as of any time subsequent to the time this news release is
first issued, and State Street does not undertake efforts to revise
those forward-looking statements to reflect events after that
time.
About State Street Corporation
State Street Corporation (NYSE: STT) is the world's leading
provider of financial services to institutional investors including
investment servicing, investment management and investment research
and trading. With $33.9 trillion in assets under custody and
administration and $2.7 trillion* in assets under management as of
June 30, 2018, State Street operates globally in more than 100
geographic markets and employs over 38,000 worldwide. For more
information, visit State Street's website at
www.statestreet.com/platformforgrowth
* Assets under management include the assets of the SPDR® Gold
ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33
billion as of June 30, 2018), for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) serves as marketing
agent; SSGA FD and State Street Global Advisors are affiliated.
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version on businesswire.com: https://www.businesswire.com/news/home/20181001005465/en/
State Street CorporationMarc Hazelton, +1
617-662-1860MHAZELTON@StateStreet.com@StateStreetorIlene Fiszel
Bieler, +1
617-664-4122IFiszelBieler@StateStreet.com@StateStreet
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