State Street to Service More than $20 Billion in Assets for Security Benefit
State Street Corporation (NYSE:STT) , announced today that it has been selected by Security Benefit to provide custody, investment accounting and reporting services for its General Account assets. Security Benefit is a leading provider of retirement savings and income vehicles, with nearly $30 billion in total assets under management.
“We were looking for a global partner with local presence in Kansas City, a strong industry reputation and a proven accounting platform,” said Barry Ward, senior vice president and chief financial officer at Security Benefit. “State Street’s expertise across asset classes will help us as we adapt our investment and technology strategies to meet our current client needs and expand our capabilities.”
According to a recent State Street commissioned report, “The Innovator’s Journey: Pathways to Data Dexterity,” globalization and new risk standards will change the way insurers manage investment data over the next three years. Additionally, 53 percent of survey respondents believe reporting requirements will increase and existing data capabilities will struggle to cope.
“We are very pleased to be selected by Security Benefit,” said Peter Thurmond, head of insurance sector solutions, North America at State Street. “As new risk standards drive change across the industry, State Street’s integrated platforms and advanced technology can help our clients to not only comply with regulations, but seize new opportunities.”
About State Street
State Street Corporation (NYSE:STT) is one of the world’s leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $28.5 trillion in assets under custody and administration and $2.4 trillion* in assets under management as of March 31, 2015, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.
* Assets under management include the assets of the SPDR(R) Gold ETF (approximately $28 billion as of March 31, 2015), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.
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