Lewis Boosts State Street's Institutional Money Fund Platform
The State Street Global Markets team is augmenting up the bank's money market fund trading capabilities. The Boston-based company said today that broker dealer omnibus trading capabilities have been added to its Fund Connect money market fund trading platform.
“The addition of omnibus capabilities to Fund Connect helps to simplify the investment process for our clients by providing a broad range of funds to choose from under a single contract. Our Transparency Connect and Virtual Portfolio tools available via Fund Connect also help clients using any trading strategy better understand the underlying holdings and potential risk in their portfolios,” stated Cliff Lewis, executive vice president and head of State Street’s eExchange business.
Company Press Release
BOSTON – May 21, 2012 ― State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE: STT) today announced that broker dealer omnibus trading capabilities have been added to its Fund Connect® money market fund trading platform, providing clients with a single contract, allowing for multiple funds to trade simultaneously.
Fund Connect is part of eExchange, State Street Global Markets’ suite of integrated electronic trading solutions for institutional investors. Fund Connect allows clients to invest in a wide range of institutional money market funds from leading providers through a single, secure interface. Clients receive a consolidated view of their account balances, month-to-date accruals and daily fund statistics with the added benefits of pre-trade compliance, real-time execution and customized reporting. In addition to omnibus trading, Fund Connect supports both custody and fully-disclosed trading models which allow institutional investors to automate their investment process.
“The addition of omnibus capabilities to Fund Connect helps to simplify the investment process for our clients by providing a broad range of funds to choose from under a single contract. Our Transparency Connect and Virtual Portfolio tools available via Fund Connect also help clients using any trading strategy better understand the underlying holdings and potential risk in their portfolios,” said Cliff Lewis, executive vice president and head of State Street’s eExchange business. “As volatility in the financial markets continues, it is increasingly important for our clients to have access to granular data about their investments on a daily basis.”
Transparency Connect is a risk management tool that analyzes exposures to the underlying holdings of fund investments utilizing criteria such as issuers, country, instrument type and maturity buckets. Clients can use Virtual Portfolio to evaluate how investment decisions will impact the risk profile and counterparty exposure of a portfolio utilizing existing exposures and scenario analysis on security-level holdings in more than 350 global money market funds.
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 $23.2 trillion in assets under custody and administration and $2 trillion* in assets under management at March 31, 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. $68 billion as of March 31, 2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
The views expressed in this material are the views of State Street through the period May 21, 2012 and are subject to change based on market and other conditions.
Investments related to or initiated by Fund Connect are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Investments are subject to market risk and may lose value including loss of principal.
Fund Connect is offered through State Street Global Markets, LLC, a member of FINRA, SIPC. State Street Global Markets, LLC is a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates.
Mutual Funds in the US are offered through Fidelity Brokerage Services, LLC, Member NYSE/SIPC.
If you or any client(s) on whose behalf you are acting are domiciled in Switzerland, the United Kingdom or other EEA Member States, Fund Connect is offered by and transactions will be effected through State Street Bank Europe Limited.
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, contact State Street Global Markets, LLC at 1 800 892 4514.