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State Street Corporation: World
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TORONTO - State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has expanded its relationship with Scotiabank. State Street will provide custody, accounting and fund administration, for five of Scotiabank International Wealth Management's Cayman-based mutual funds.
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State Street Corporation (NYSE: STT - News) is the world's leading provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $15.1 trillion in assets under custody and $2.0 trillion in assets under management at September 30, 2007, State Street operates in 26 countries and more than 100 geographic markets worldwide and employs 26,425 worldwide. For more information, visit State Street
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State Street opened an office in France in 1991. State Street Banque - SSgA France is a wholly owned subsidiary of which – provides, in compliance with the French Regulation, its clients with a full range of products and services for large pool of assets, including custody, accounting, daily pricing and administration or active and indexed investment management. State Street Banque SA offers investment management services and a broad array of investment products to mid-size and large institutional clients in France. The office is a full service investment center providing investment management services, client service and operations. The office is staffed with local personnel who works closely with SSgA's other investment centers worldwide. SSgA's strategies span all major asset classes and the full spectrum of risk and return options.
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"Having launched the world's first ETF fifteen years ago, State Street remains committed to offering cutting-edge products that help advisors and investors build stronger portfolios," said James Ross, senior managing director of State Street Global Advisors. "Our application for these actively managed ETFs was filed to meet increasing demand among our clients and we're very pleased to have it filed."
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State Street's network must support clients' investment strategies globally. During the 1990s, as State Street experienced rapid growth, its existing network was extended numerous times to keep up, eventually spanning more than 100 financial markets. Network nodes were located in more than60 offices around the world and supported more than 500 client connections. Many network extensions had been built without considering futures scalability and as a result, the network was difficult to manage.
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State Street moved assertively into the international market, establishing business footholds around the world. Its advanced numbers-crunching abilities and telecommunications network provided momentum for this global expansion. By the early 1990s, State Street customers could have direct, interactive computer access to their investment information from anywhere in the world, either through their mainframes or through personal computers in the office. They could design their own integrated global reports using the latest multicurrency accounting systems available.
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