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State Street Selected by Rio Tinto


Date: Monday, June 8, 2009
Author: State Street

State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has been appointed by Rio Tinto, a leading international mining group, to provide investment services for $8 billion in assets.

State Street will provide Rio Tinto with custody, fund accounting, securities lending and investment analytics services for its Canadian, US and UK pension schemes. The services will be provided from State Street’s operations in London and Montreal.

“State Street’s ability to service our schemes in multiple domiciles though a single, global platform was an attractive option for us, whilst also allowing us to reduce costs across geographies,” said Michael Wrobel of Rio Tinto.

“We are seeing increased demand from customers to streamline their reporting requirements across service providers,” said Steve Smit, head of State Street’s Investor Services business in the United Kingdom, Middle East and Africa.  “With State Street’s global reach and local support teams, we can provide a seamless solution for pension funds with needs in multiple regions.”

State Street provides investment services for pension assets globally, including 10 of the largest pension funds worldwide. State Street’s broad range of capabilities include transition management, performance and analytics, foreign exchange, securities lending and proprietary research services.

 

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 $11.3 trillion in assets under custody and $1.4 trillion in assets under management at March 31, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.