State Street Corporation (NYSE:STT) today announced that it has
entered into a letter of intent with Lazard Asset Management LLC
(“LAM”) which, subject to entering into definitive agreements, will
result in LAM adopting State Street’s Front-to-Back investment
servicing platform.
LAM, a preeminent global asset manager, has been a long term
customer of Charles River Development (CRD) through its Charles
River Investment Management Solution (Charles River IMS), and of
State Street’s middle and back office investment servicing
solutions. As part of the transition to State Street’s
Front-to-Back platform, LAM plans to adopt CRD’s
Software-as-a-Service solution (SaaS) and additional front-to-back
services from State Street for its equities and multi-asset
investment businesses. The platform and related technology are also
expected to enhance the existing middle and back office services
provided to LAM’s broader investment platform. In addition, LAM
will expand its middle and back office servicing relationship to
include the support of its alternative investments business.
“We are delighted with the prospect of LAM becoming a client of
State Street’s Front-to-Back investment servicing platform,” said
Lou Maiuri, Chief Operating Officer, State Street. “We have a
long-standing relationship with the firm and believe the solutions
we can provide will support their business needs. Today’s
announcement is evidence of the CRD acquisition enabling us to
deepen and grow client relationships and deliver positive results
for our shareholders.”
After definitive agreements are reached, LAM will become a
member of the Charles River Development Client Advisory Board,
which was established earlier this year, and now has 17 member
firms globally. The Board is a forum for CRD clients to provide
input and advice regarding industry developments and CRD’s
strategic product and services direction.
Charles River IMS is a front-and middle-office technology
platform used by more than 300 institutional, wealth and
alternative investment firms globally. The Charles River IMS
automates front and middle office workflows helping to deliver
accurate and timely data, analytics and investment decision support
tools to institutional, wealth and alternative investment firms
globally. State Street Corporation acquired CRD in 2018 to deliver
the industry’s first-ever Front-to-Back investment servicing
platform. When fully implemented, the platform will harmonize data,
technology and services across the investment lifecycle so clients
can overcome silos, work smarter and stay in synch. With a single
source of data truth, it will enable clients to make better
investment decisions and better manage their business on a
completely open platform.
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 $32.6 trillion in assets
under custody and administration and $2.8 trillion* in assets under
management as of March 31, 2019, State Street operates globally in
more than 100 geographic markets and employs approximately 40,000
worldwide. For more information, visit State Street's website at
www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold
ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33
billion as of March 31, 2019), for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) serves as marketing
agent; SSGA FD and State Street Global Advisors are affiliated.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
© 2019 State Street Corporation - All Rights Reserved
About Charles River, a State Street Company
Charles River Development, a State Street Company, offers
solutions that are designed to enable sound and efficient investing
across all asset classes. Investment firms in more than 40
countries use Charles River IMS to manage more than US$25 Trillion
in assets in the institutional investment, wealth management and
hedge fund industries. Our SaaS is designed to automate and
simplify investment management on a single platform – from
portfolio management and risk analytics through trading and
post-trade settlement, with integrated compliance and managed data
throughout. Headquartered in Burlington, Massachusetts, we
support clients globally with more than 750 employees in 11
regional offices. For more information, please visit
www.crd.com.
Forward-Looking Statements
This News Release contains forward-looking statements within the
meaning of United States securities laws, including statements
about State Street and LAM’s plans to complete an expansion of
their investment servicing relationship, which expansion is subject
to completion of definitive agreements between them, their
affiliates or fund vehicles, approval of applicable boards and
shareholders and customary regulatory approvals. Forward-looking
statements are often, but not always, identified by such
forward-looking terminology as “will,” “"priority," “objective,”
“designed,” “plan,” “strategy,” “expect,” “believe,” “anticipate,”
“intend,” “estimate,” “seek,” “may,” “trend,” 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 expectations or beliefs of State Street as of any
time subsequent to the time that this News Release is first issued.
Important factors that could cause actual results to differ
materially from those indicated by any forward-looking statements
are set forth in the 2018 Annual Report on Form 10-K of State
Street, and its subsequent SEC filings. We encourage investors 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 by relied on as representing our expectations or beliefs as of
any time subsequent to the time that this News Release is first
issued, and we do not undertake efforts to revise those
forward-looking statements to reflect events after that time.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
© 2019 State Street Corporation - All Rights Reserved
Expiration date: June 30, 2020
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version on businesswire.com: https://www.businesswire.com/news/home/20190611005543/en/
Brendan Paul+1 617 943
5368Bpaul2@statestreet.com@StateStreet
Ilene Fiszel Bieler+1 617 664
4122IFiszelBieler@StateStreet.com@StateStreet
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