State Street Expands Hedge Fund Administration Services

Date: Thursday, October 15, 2009
Author: Business Wire

State Street Corporation (NYSE:STT), one of the world’s leading providers of financial services to institutional investors, announced today the addition of custody, cash management and foreign exchange services to its suite of front-, middle- and back-office administration services for hedge funds. The expanded service offerings are in response to growing interest from hedge fund managers seeking to diversify risk by moving more services to global custodians during a challenging market environment.

“Counterparty risk is a heightened concern among hedge fund managers who are assessing safekeeping options for their cash and other assets,” said Jack Klinck, executive vice president and global head of State Street’s Alternative Investment Solutions group. “By combining traditional custody services with our full complement of middle office, fund accounting, fund administration and risk services, we can offer our customers seamless service delivery through an integrated solution set.”

State Street’s expanded services for hedge funds also include deposit and custody services for cash, as well as securities processing and safekeeping in more than 100 markets worldwide. In addition, State Street’s hedge fund customers have streamlined access to a range of products such as foreign exchange services, which are available through State Street Global Markets, the company’s investment research and trading arm.

With more than $400 billion in alternative assets under administration, State Street’s Alternative Investment Solutions group has more than 2,200 employees located in Boston, Ireland (Drogheda, Dublin, Naas), London, New York City, Tokyo, Toronto, Sydney, Poland and New Jersey (Fair Lawn and Princeton).

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 $16.4 trillion in assets under custody and administration and $1.5 trillion in assets under management at June 30, 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.