State Street Appointed Custodian for Cayman Islands Chamber of Commerce
BOSTON -- November 19, 2012
State Street Corporation (NYSE: STT) today announced that it has been
appointed by the Cayman Islands Chamber of Commerce Pension Plan to provide
custody services to its USD$270 million plan.
“Global financial events that have occurred in the past several years have
highlighted the importance of having financial partners with strong controls
and a solid risk rating,” said William Fleury, general manager and chief
operating officer, Cayman Islands Chamber of Commerce Pension Plan. “The
Chamber Plan is delighted to partner with State Street whose leading
technology, expertise in custody, and local and global footprint were also
strong factors in their selection.”
Rich Anton, senior vice president in State Street’s Alternative Investment
Solutions team and head of the Cayman solutions team, said, “Institutional
investors, including pension plans, continue to seek greater depth of
services, transparency and operational efficiency. We have a long history and
commitment to the Cayman Islands and work collaboratively with our clients to
identify opportunities where we can help them to best achieve their investment
goals. We look forward to developing a long-term partnership with Cayman
Islands Chamber of Commerce Pension Plan and supporting their growth.”
State Street provides a range of investment servicing solutions such as
custody, fund accounting, performance and analytics and client reporting to a
broad array of institutional investors. The company’s experienced industry
professionals offer clients extensive market and custody expertise, creating
innovative solutions to help clients meet their increasingly complex and
changing business needs.
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
$23.4 trillion in assets under custody and administration and $2.1 trillion*
in assets under management at September 30, 2012, State Street operates in 29
countries and more than 100 geographic markets. For more information, visit
State Street’s web site at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx. $75.3 billion as
of September 30, 2012), for which State Street Global Markets, LLC, an
affiliate of State Street Global Advisors, serves as the marketing agent.
About Cayman Islands Chamber of Commerce Pension Plan
The Chamber Pension Plan (“Plan”) was established by the Cayman Islands
Chamber of Commerce in 1992 to address the need to encourage and promote
retirement savings for workers in the Cayman Islands. Established in 1965, the
Chamber of Commerce is the largest not-for-profit organisation operating in
Cayman with a membership of more than 700 businesses, associations and
individuals collectively employing more than 18,000 people. The Chamber of
Commerce is funded primarily from annual membership subscriptions, training
and workforce development programs, trade missions and marketing and
promotional events and materials. It is not a government agency or department.
The Chamber Pension Plan is governed by an elected volunteer board of trustees
who independently appoint an administrator and investment managers. The Plan
is a not-for-profit entity, and therefore the Chamber of Commerce does not
charge any management or other fees to the Plan.
State Street Corporation
Arlene Roberts, + 1 617 664 3933
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