State Street Enhances Service Solutions for Fund of Hedge Funds

Date: Monday, October 19, 2009
Author: Fleishman-Hillard Canada Inc.

State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, today announced enhancements to its fund of hedge funds service offerings, which build on its comprehensive suite of services spanning the hedge fund investment cycle.  Fund managers can now benefit from a combined full-service solution that includes not only custody, fund accounting, cash management, registration, risk services, investor services and credit, but also integrated portfolio construction tools that incorporate current and prospective fund investments. 

The enhanced fund of hedge funds service offering provides ease of access to State Street’s fund administration services through a proprietary, web-based platform, AlphaFrontier^TM, designed specifically to meet the needs of State Street’s fund of hedge funds customers. The fund of hedge funds services can be customized as a full-service model, a cross-enterprise service solution or as a targeted set of services to meet each customer’s unique needs.    

“Increasing regulatory and investor demands are prompting more fund of hedge funds managers to seek a bundled third party administrator and State Street has long believed in partnering with our customers to provide fund administration services that optimize business processes and help mitigate operational risk,” said Jack Klinck, executive vice president and global head of State Street’s Alternative Investment Solutions group.  “State Street supports the fund manager’s investment lifecycle and provides additional transparency into underlying securities positions through exposure reporting, as well as stress-testing and back-testing capabilities.” 

With more than $400 billion in alternative assets under administration as of June 30, 2009, State Street’s Alternative Investment Solutions group provides a complete set of servicing and management solutions for hedge funds, including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. The team includes more than 2,200 employees worldwide.

          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 $1.6 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 website at www.statestreet.com.