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

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

Article on Integrating Liquidity with Expected Return and Risk Tackles the
Portfolio Construction Problem

Business Wire

BOSTON -- October 29, 2013

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.


State Street Corporation
Anne McNally, +1-617-664-8576
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