State Street Corporation (NYSE:STT), announced today that it has been named 2013 Hedge Fund Administrator of the Year and 2013 Risk Management Technology Provider by HFMWeek magazine. The HFMWeek US Hedge Fund Services Awards recognize outstanding service and support to the hedge fund industry in North America and are judged by an independent panel of experts. “The HFMWeek awards further validate the focus State Street places on solutions for our hedge fund client base,” said George Sullivan, executive vice president and global head of alternative investment solutions (AIS) at State Street. “Our clients face a complex and evolving regulatory environment, so end-to-end solutions that help monitor and manage risk are becoming increasingly necessary.” The vastly increased reporting and regulatory demands that come from regulations like AIFMD and Dodd-Frank have put tremendous pressure on alternative managers. State Street recently conducted a study with Preqin, “The Next Alternative: Thriving in a New Environment,” and found that 38 percent of fund managers see adapting to new regulations as a huge challenge over the next five years. Although new transparency standards are driving innovation, only 15 percent of managers surveyed are using tools that assess performance and risk. “The growing demand for more transparency has created a need for better data and analytics,” said Jeff Conway, executive vice president and head of State Street Global Exchange. “Alternative managers are confronted with an overwhelming amount of data that must be analyzed and reported. Our solutions help these managers to measure and assess portfolio risk, provide enhanced reporting and respond rapidly to changing market dynamics.” Global Exchange delivers proprietary data, insights, analytics and trading solutions to address clients’ needs to make better investment decisions, generate superior returns and effectively manage data and risk. Alternative Investment Solutions (AIS) at State Street delivers industry leading alternative asset services to clients worldwide. AIS provides a complete suite of fund accounting, fund administration, corporate administration, risk and credit services to institutional investors, hedge funds, private equity fund and real estate fund managers.