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State Street Corporation: Investment Management
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State Street Corporation announced today first quarter operating earnings per share of $0.93 compared to the record $0.92 per share reported in the first quarter of 2000. Operating results for the first quarter 2001 exclude the write-off of $50 million, or $0.20 per share after tax, of State Street's investment in Bridge
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The results of State Street’s study ... illustrate institutional investors’ growing appetite for separating asset class returns, or beta, and absolute returns, or alpha. By disaggregating risk into “alpha” and “beta” strategies, institutions can better tailor portfolios to fit their specific investment objectives. Eighty-one per cent of survey respondents said they engaged new managers for both alpha and beta returns, and a majority (59 per cent) said they were able to differentiate between a given manager’s “alpha” and “beta” results. Among those who said they could not differentiate (41 percent), an overwhelming majority (82 per cent) attributed this inability to a lack of tools and/or resources.
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State Street followed Citicorp and other money center banks in the launch of a commercial paper program, formerly the preserve of investment banks. Under the program, named Clipper Receivables Corp., investors purchased asset-backed commercial paper, and the proceeds were used to fund loans by participating regional banks to investment grade companies.
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Institutional investors who participated in State Street’s study ... indicated that they have plans to hire new alternative investment managers in the coming year. Eighty-six per cent of respondents said they plan to add new hedge fund managers to their current line-up, while 67 per cent said their hiring plans included new private equity managers.
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Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in State Street's 2006 Annual Report on Form 10-K and its subsequent SEC filings. State Street encourages investors to read its 10-K, particularly the section on Risk Factors, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, October 16, 2007, and State Street will not undertake efforts to revise those forward-looking statements to reflect events after this date.
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