State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), today announced the launch of
a new money market fund share class, the Opportunity Class, which
will benefit philanthropic organizations whose values align with
State Street’s commitment to racial equity and social justice.
With the launch of the new Opportunity Class shares within State
Street Global Advisors’ existing money market fund suite, the firm
is answering the call from clients who are increasingly interested
in supporting I&D initiatives with their strategic cash
investments.
“As one of the world’s largest fiduciary managers who is deeply
committed to ESG-focused asset stewardship, we see it as our
responsibility to offer our clients an opportunity to have a
positive impact within their cash investment strategy,” said Kim
Hochfeld, global head of the cash business for State Street Global
Advisors. “Our clients are more interested than ever in a holistic,
action-oriented approach to inclusion and diversity
initiatives.”
The State Street money market funds’ investment adviser, SSGA
Funds Management, Inc., will donate out of its own assets at least
20% of its annual net management fee received from assets invested
in the Opportunity Class shares to charitable organizations that
align with State Street’s 10 Actions Addressing Racism and
Inequality. Leveraging the grantmaking guidelines and methodology
of State Street Foundation, State Street’s charitable arm, State
Street Global Advisors identifies recipient philanthropic
organizations to support.
“The State Street Foundation is pleased to partner with the cash
business in identifying recipient organizations whose focus aligns
with the objectives of the Opportunity Class shares,” said Joe
McGrail, President of the State Street Foundation. “The State
Street Foundation seeks to bring communities lasting economic
benefits, with primary strategic focus areas of education and
workforce development. Our grantmaking guidelines explicitly
incorporate racial equity and social justice criteria, including
diversity across dimensions of population served, organizational
leadership, staff, and board of directors.”
The State Street money market funds that offer the Opportunity
Class shares are as follows:
- State Street Institutional U.S. Government Money Market Fund
(OPGXX)
- State Street Institutional Treasury Plus Money Market Fund
(OPTXX)
- State Street Institutional Treasury Money Market Fund
(OPRXX)
- State Street Institutional Liquid Reserves Fund (OPIXX)
- State Street ESG Liquid Reserves Fund (OPEXX)
For more information, visit www.ssga.com/cash.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the
world’s governments, institutions and financial advisors. With a
rigorous, risk-aware approach built on research, analysis and
market-tested experience, we build from a breadth of active and
index strategies to create cost-effective solutions. As stewards,
we help portfolio companies see that what is fair for people and
sustainable for the planet can deliver long-term performance. And,
as pioneers in index, ETF, and ESG investing, we are always
inventing new ways to invest. As a result, we have become the
world’s third-largest asset manager with US $3.9 trillion* under
our care.
*This figure is presented as of September 30, 2021 and includes
approximately $60 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Important Risk Information:
SSGA Funds Management, Inc. (“SSGA FM”) serves as the investment
adviser to the Funds.
Bonds generally present less short-term risk and volatility than
stocks, but contain interest rate risk (as interest rates raise,
bond prices usually fall); issuer default risk; issuer credit risk;
liquidity risk; and inflation risk. These effects are usually
pronounced for longer-term securities. Any fixed income security
sold or redeemed prior to maturity may be subject to a substantial
gain or loss.
Investing involves risk including the risk of loss of
principal.
All information is from SSGA unless otherwise noted and has been
obtained from sources believed to be reliable, but its accuracy is
not guaranteed.
There is no representation or warranty as to the current
accuracy, reliability or completeness of, nor liability for,
decisions based on such information and it should not be relied on
as such.
The information provided does not constitute investment advice
and it should not be relied on as such. It should not be considered
a solicitation to buy or an offer to sell a security. It does not
take into account any investor’s particular investment objectives,
strategies, tax status or investment horizon. You should consult
your tax and financial advisor.
The trademarks and service marks referenced herein are the
property of their respective owners. Third party data providers
make no warranties or representations of any kind relating to the
accuracy, completeness or timeliness of the data and have no
liability for damages of any kind relating to the use of such
data.
This communication is not intended to be an investment
recommendation or investment advice and should not be relied upon
as such.
An investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or another
governmental agency. Although a money market fund seeks to preserve
the value of your investment at $1.00 per share, it is possible to
lose money by investing in a money market fund. The Fund’s sponsor
has no legal obligation to provide financial support to the Fund,
and you should not expect that the sponsor will provide financial
support to the Fund at any time.
Distributor: State Street Global Advisors Funds
Distributors, LLC, member FINRA, SIPC, an indirect wholly owned
subsidiary of State Street Corporation. References to State Street
may include State Street Corporation and its affiliates.
The SSGA Funds pay State Street Bank and Trust Company for its
services as custodian, transfer agent and shareholder servicing
agent and pays SSGA FM 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 download a prospectus now from ssga.com/cash,
talk to your financial advisor. Read it carefully before
investing.
State Street Global Advisors, 1 Iron Street, Boston, MA
02210-1641. T: +1 617 786 3000. All Rights Reserved.
Not FDIC Insured No Bank
Guarantee May Lose Value
3898904.1.1.AM.RTL © 2021 State Street Corporation - All Rights
Reserved
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Olivia Offner +1 617-662-0198 ooffner@statestreet.com
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