State Street Global Advisors Launches US Community Investing Index Strategy |
Date: Monday, December 7, 2009
Author: Press Release
State Street Global Advisors Launches US Community Investing Index Strategy
First Strategy to Track the US Community Investing Index
Boston—December 7, 2009—State Street Global Advisors, the investment management
arm of State Street Corporation (NYSE: STT), today announced the launch of its
US Community Investing Index strategy, the only offering that seeks to match the
returns and characteristics of the US Community Investing IndexTM (USCII).
“We are pleased to be the exclusive provider of an investment strategy that
tracks the US Community Investing Index,” said Arlene Rockefeller, executive
vice president and Global Equities CIO at State Street Global Advisors. “The
USCII’s composition and tight historical tracking to the S&P 500 make our new
offering a compelling option for a wide range of institutional investors who are
seeking a passively-managed environmental, social and governance (ESG)-related
solution with low-cost implementation.”
The underlying investment approach for SSgA’s US Community Investing Index
strategy is to buy and hold securities with the aim to minimize turnover and
transaction costs, trading only when the composition of the Index changes or
when cash flow activity occurs in the strategy.
Launched in 2005 by the F.B. Heron Foundation in collaboration with Innovest
Strategic Value Advisors, the US Community Investing Index is comprised of more
than 300 large- and mid-cap companies spanning all sectors that have
demonstrated successful and proactive engagement with economically underserved
populations in rural and urban communities in the United States. The USCII
employs a methodology that positively evaluates the community investment and
engagement performance of a broad universe of companies, using three main
factors: strategic alignment, workforce development and wealth creation and
community engagement and corporate philanthropy.
“By positively screening for companies with strong track records in community
investing, the US Community Investing Index can be considered part of the second
generation of the evolution of environmental, social and governance (ESG)
investing ” said Luther M. Ragin, Jr., Chief Investment Officer, the F.B. Heron
Foundation. “We are pleased to partner with State Street Global Advisors to
deliver this unique and differentiated approach to community investing using
marketable equities.”
SSgA has managed ESG assets for more than 20 years offering a broad framework of
product solutions that encompasses different investment approaches such as
sustainability investing, socially responsible investing or mission-related
investing. As of September 30, 2009, SSgA manages more than $90 billion in ESG
assets globally.
About State Street Global Advisors
State Street Global Advisors, the investment management arm of State Street
Corporation (NYSE: STT), delivers investment strategies and integrated solutions
to clients worldwide across every asset class, investment approach and style.
With $1.7 trillion in assets under management at September 30, 2009, State
Street Global Advisors has investment centers in Boston, Hong Kong, London,
Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and
offices in 26 cities worldwide. For more information, visit State Street Global
Advisors at www.ssga.com.
The US Community Investing Index is a trademark of The F.B. Heron Foundation and
has been licensed for use by State Street Global Advisors. The strategy is not
sponsored, endorsed, sold or promoted by F.B. Heron Foundation and F.B. Heron
Foundation makes no representation regarding the advisability of investing in
the Products.