Private Equity Administrator
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About State Street
State Street Corporation (NYSE: STT) is the world’s leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $11.3 trillion in assets under custody and $1.4 trillion in assets under management at March 31, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide.
Street Corporation (NYSE: STT), the world’s leading provider of financial services to institutional investors, announced today that it has captured top rankings in International Custody and Fund Administration (ICFA) magazine’s 2009 Global Awards.
For the second consecutive year, ICFA named State Street the Global Securities Lender of the Year as well as Global Private Equity Fund Administrator of the Year, at its awards ceremony held recently in London. The ICFA Awards recognize global excellence in the custody and fund administration industry.
In securities lending, ICFA noted State Street’s stringent risk management practices. In private equity fund administration, ICFA recognized State Street’s 60 percent growth in private equity assets under administration in 2008, while the private equity industry overall was contracting amid the economic downturn.
“We are honored to receive this recognition from ICFA for State Street’s performance in securities lending and private equity servicing,” said Steve Smit, senior vice president and head of State Street’s Global Markets and Investor Services businesses in the United Kingdom. “Amid the unprecedented market turmoil over the past year, we have held to our long-standing practices of delivering value-added services to clients with greater efficiencies, more transparency and the prudent management of risk.”
With more than $2 trillion in lendable assets and more than $420 billion on loan, State Street is a market leader in securities finance. The company has been providing securities lending services since 1974, and currently lends securities for customers in more than 45 markets around the world through a global network of trading locations.
State Street’s dedicated team of private equity professionals, combined with the company’s global reach and support, delivers a world-class offering for private equity fund sponsors. State Street provides full-service fund administration services to more than 400 primary funds with total assets exceeding $139 billion. Private equity fund managers are looking to leading third- party administrators to provide greater efficiencies, more consistent reporting and cost savings for their funds. Private equity managers also recognize that experienced third-party providers, such as State Street, can stay ahead of changing requirements throughout the fund lifecycle, understand the nuances of each fund’s structure, and adapt accordingly.
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