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State Street, Tufts Offer Training, Research to Sovereign Funds

State Street Corp., the Fletcher School at Tufts University and the law firm K&L Gates LLP are teaming up to offer training courses and research for managers of sovereign wealth funds.

The collaboration will offer an executive-education program on topics such as direct-investment transparency, national investment restrictions and the impact of tax policy, according to Eliot Kalter, senior fellow at the Fletcher School in Medford, Massachusetts.

The $3.8 trillion in assets under management in sovereign wealth funds in 2009 could increase to $5.5 trillion by 2012, creating the need for more education, Kalter said. Kalter and Thomas F. Holt Jr., a K&L Gates partner in Boston and adjunct professor at the Fletcher School, traveled to cities in the Mideast, Latin America and North America as well as Singapore to gauge interest in the program, Holt said.

“As sovereign wealth funds have grown, there have been rising expectations from the international community about their behavior, such as increasing their transparency,” Kalter said.

State Street, the Boston-based custody bank and investment manager, started the initiative today with a client conference in Dubai, according to a statement today. The company and K&L Gates already are sponsors of the Sovereign Wealth Fund Initiative based at the Fletcher School’s Center for Emerging Market Enterprises.

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