State Street Secures Mandate for Raytheon Technologies Corporation’s U.S.-Based Defined Contribution Assets
January 18 2022 - 10:30AM
Business Wire
Firm to Provide Trust, Custody, Asset Management, Securities
Lending and Transition Management Services
State Street Corporation (NYSE: STT) today announced it has been
selected by Raytheon Technologies (NYSE: RTX) as trustee,
custodian, asset manager, securities lending agent and transition
manager for the Raytheon Technologies Corporation Savings Plan
Master Trust, a $54 billion master trust which holds assets for all
U.S.-based defined contribution plans sponsored by Raytheon
Technologies.
As part of this arrangement, Raytheon Technologies renewed a
number of services for the Raytheon Technologies Corporation
Savings Plan Master Trust with State Street including trustee,
custody, accounting, performance measurement, benefit payments and
investment management services. Additionally, the agreement
extended its scope to encompass new securities lending and
transition management services. Raytheon Technologies opted to
renew and expand the relationship with State Street based upon
their long-standing strategic partnership which spans more than 30
years.
“State Street is delighted to expand our very important
relationship with Raytheon Technologies,” said Francisco
Aristeguieta, chief executive officer of State Street Institutional
Services. “This deal represents the collective talent across our
organization and our unique ability to provide our clients a
comprehensive solution for all of their critical needs. We look
forward to partnering with the internal teams at RTX, and are
committed to providing all of the appropriate resources and
expertise as we expand this very important relationship.”
"We are delighted to have awarded this mandate to State Street
after conducting an extensive and rigorous selection process that
spanned many months and multiple foundational services, all
critical to the delivery of our world class benefit programs," said
Robin Diamonte, Chief Investment Officer and Corporate Vice
President at Raytheon Technologies. "We feel the quality of their
teams and their commitment to all aspects of investment servicing,
index fund management and portfolio restructuring set them apart,
and we look forward to expanding our already strong and enduring
relationship."
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 $43.3 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of September 30, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of September 30, 2021 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.
About Raytheon Technologies
Raytheon Technologies Corporation (NYSE: RTX) is an aerospace
and defense company that provides advanced systems and services for
commercial, military and government customers worldwide. With four
industry-leading businesses ― Collins Aerospace Systems, Pratt
& Whitney, Raytheon Intelligence & Space and Raytheon
Missiles & Defense ― the company delivers solutions that push
the boundaries in avionics, cybersecurity, directed energy,
electric propulsion, hypersonics, and quantum physics. The company,
formed in 2020 through the combination of Raytheon Company and the
United Technologies Corporation aerospace businesses, is
headquartered in Waltham, Massachusetts and maintains corporate
offices in Farmington, Connecticut.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900
The whole or any part of this work may not be reproduced, copied
or transmitted or any of its contents disclosed to third parties
without State Street’s express written consent.
© 2022 State Street Corporation - All Rights Reserved
4198866.1.1.GBL.RTL
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Media Contact: State Street Brendan Paul
Bpaul2@statestreet.com +1 401-644-9182
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