State Street Announces Successful Implementation of State Street Alpha® for BMO Global Asset Management
December 05 2023 - 9:30AM
Business Wire
State Street Corporation (NYSE: STT) today announced a
successful implementation of State Street Alpha, its front-to-back
asset servicing platform for institutional investment and wealth
managers, with BMO Global Asset Management (BMO GAM). BMO GAM is a
leading Canadian asset manager with an innovative suite of mutual
funds, ETFs, alternative funds, and other investment products.
BMO GAM began the implementation of State Street’s Alpha
platform just under two years ago and now leverages Alpha’s
extensive end-to-end capabilities across the front, middle and back
office, incorporating Charles River Development (CRD), custody,
registrar and transfer agency, accounting and a range of
supplementary services.
“BMO GAM has been a long-term partner of State Street who has
operated our middle and back-office services for many years. By
adopting the State Street Alpha solution, we can provide our
experienced investment teams with a market-leading end-to-end
platform that will benefit the business both now and, in the
future,” said Bill Bamber, CEO, BMO Global Asset Management. “Our
partnership has enabled us to continue to streamline and modernize
our operating model.”
“We are very pleased to have partnered with BMO GAM over the
past several years and, most recently, in their successful
transition onto our Alpha platform,” said Rob Baillie, president
and chief executive officer, State Street Canada. “Alpha provides
our clients with fast, reliable data, analytics and real-time
insights, all of which are complemented by the platform’s
flexibility and open architecture – providing each of our clients
with their own interoperable platform.”
The combination of State Street and Charles River Development
has enabled the industry’s first-ever global, interoperable
services platform for the front, middle and back office from one
single provider, known as State Street Alpha. State Street Alpha
provides its clients a centralized operating model and technology
platform to manage all of their public and private assets
investment products underpinned by its cloud native, enterprise
Alpha Data Platform. With State Street Alpha, clients can focus on
executing their growth strategy without the drag and limitations of
a segregated operating model.
“The acquisition of CRD in 2018 was not only a significant
investment in our company’s future but also a pivotal moment in
State Street’s ability to support our clients in managing their
data needs – which today is the most important differentiator for
our industry,” said John Plansky, head of State Street Alpha. “We
are very pleased with the overall growth of the CRD business and
look forward to continuing to increase our innovative capabilities
on behalf of our clients.”
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 $40.0 trillion in assets
under custody and/or administration and $3.7 trillion* in assets
under management as of September 30, 2023, State Street operates
globally in more than 100 geographic markets and employs
approximately 42,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of September 30, 2023 includes
approximately $58 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 BMO Financial Group
BMO Financial Group is the eighth largest bank in North America
by assets, with total assets of $1.25 trillion as of July 31, 2023.
Serving customers for 200 years and counting, BMO is a diverse team
of highly engaged employees providing a broad range of personal and
commercial banking, wealth management, global markets and
investment banking products and services to over 13 million
customers across Canada, the United States, and in select markets
globally. Driven by a single purpose, to Boldly Grow the Good in
business and life, BMO is committed to driving positive change in
the world, and making progress for a thriving economy, sustainable
future, and inclusive society.
About BMO Global Asset Management
BMO Global Asset Management is a brand name under which BMO
Asset Management Inc. and BMO Investments Inc. operate. Certain of
the products and services offered under the brand name, BMO Global
Asset Management, are designed specifically for various categories
of investors in Canada and may not be available to all investors.
Products and services are only offered to investors in Canada in
accordance with applicable laws and regulatory requirements.
®/™Registered trademarks/trademark of Bank of Montreal, used
under license.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204950294/en/
Media: State Street Brendan Paul
Bpaul2@statestreet.com 1 (401) 644-9182
BMO Global Asset Management Aaron Sobeski, Toronto,
Aaron.Sobeski@bmo.com (416) 867-3996
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