State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has won Custody Risk magazine’s 2012 Outsourcing Provider of the Year award for the second consecutive year.
The Custody Risk Americas Awards recognize outstanding achievers in the securities services industry in both North and South America. The selection criteria included an evaluation of client wins and renewals, outsourcing services provided and innovations in services, cost control initiatives, and factors that differentiated the company from its competitors.
“We are honored to once again be recognized by Custody Risk as Outsourcing Provider of the Year,” said Jeff Conway, executive vice president and head of State Street’s Investment Manager Services business. “In today’s market environment, increasing product and operational complexity, new regulations, falling profitability and a need to focus on core competencies are driving asset managers’ need for outsourcing. Recent research by State Street underscores asset managers’ concerns about their ability to bring products to market quickly and deliver on increased client and regulatory reporting needs. To address the increased complexity arising from regulation and globalization, they are seeking closer partnerships with service providers, and State Street helps clients focus on their core business strategies by providing a comprehensive suite of outsourcing services backed by advanced technology.”
State Street provides outsourcing services for more than $8 trillion in assets 1 including transaction management, investment recordkeeping, reconciliation, corporate action processing, data management, performance measurement, client reporting, OTC derivatives processing, collateral management and valuation. Some of the new solutions launched in the last year include a Collateral Tracking service and the State Street SpringboardSM mobile app. The Collateral Tracking service helps asset managers and owners accurately assess and manage counterparty risk through up-to-date reporting of all collateral movements. The State Street Springboard mobile application for the iPad allows clients to view essential portfolio information and leverages content and information from my.statestreet.com, State Street’s online information delivery platform.“As asset managers seek fresh strategies and redefine their operational framework, product position and growth potential, new relationships are being forged between investors and service providers,” said Conway. “State Street is committed to continually evolving and helping our clients navigate the changing market environment as not as a product provider but as a solutions partner.”
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