State Street Global Exchange’s Will Kinlaw And David Turkington Honored With Peter L. Bernstein Award

Institutional Investor Journals and State Street Corporation (NYSE: STT) announced today that Global Exchange employees Will Kinlaw and David Turkington have been selected as the winners of the 2013 Peter L. Bernstein Award for their article, “Liquidity and Portfolio Choice: A Unified Approach.” The article was co-authored with Mark Kritzman, chief executive officer of Windham Capital Management and founding partner of State Street Associates, and appeared in the Winter 2013 issue of The Journal of Portfolio Management, published by Institutional Investor Journals.

The article illustrates how managers can employ simulation techniques to quantify how much their unique portfolios benefit from liquidity or suffer from illiquidity. It also shows how they can use this information to construct portfolios that take liquidity considerations into account. The winning paper was chosen through a blind review process by an independent committee that included Gary Gastineau (ETF Consultants), William Goetzmann (Yale School of Management) and Ronald Kahn (BlackRock).

“Will Kinlaw, David Turkington and Mark Kritzman take on the daunting task of integrating liquidity into the portfolio construction problem, in a fashion that recognizes the need for a theoretically strong foundation, analytic tractability, and a practical, practitioner-friendly framework,” said Robert Arnott, chairman and chief executive officer of Research Affiliates.

“We’re so excited for Will and Dave and honored to have them recognized by Institutional Investor Journals,” said Jessica Donohue, head of research and advisory services, State Street Global Exchange. “Their insight and expertise on addressing liquidity with clarity helps our clients manage their portfolios with precision.”

The award is named for Peter L. Bernstein, the celebrated economic historian, consultant, and founding editor of The Journal of Portfolio Management. The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor’s market-leading journals over the past year.

Institutional Investor Journals will present the winners with a $5,000 award provided by Research Affiliates, LLC.

State Street Global Exchange brings together research, analytics, electronic trading and derivatives clearing capabilities to provide solutions addressing clients’ data, analytics and trading challenges. State Street Associates is an innovative partnership with academia that bridges the worlds of financial theory and practice and delivers industry leading insights and technologies to all of State Street’s client sectors.

The winning article can be found here.

About Institutional Investor Journals

Institutional Investor Journals offers in-depth, original and practical research in key areas of investment management and finance including retirement, fixed income, index investing, derivatives, trading, private equity, portfolio management, structured finance, and wealth management. Written and edited by world-renowned practitioners and academics, the journals are extensively read and highly regarded in the industry.

About Research Affiliates, LLC

Research Affiliates, LLC, is a global leader in innovative indexing and asset allocation strategies. Dedicated to solving complex investment issues, Research Affiliates creates innovative strategies that respond to the current needs of the market. Approximately $50 billion in assets are managed worldwide using investment strategies developed by Research Affiliates.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $26 trillion in assets under custody and administration and $2.2 trillion in assets under management* at September 30, 2013, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at

* This AUM includes the assets of the SPDR Gold Trust (approx. $39 billion as of September 30, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.

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