State Street to Service More than $20 Billion in Assets for Security Benefit
May 22 2015 - 11:00AM
Business Wire
Insurance Companies are Looking for Partners to Help Expand
their Capabilities Amid a Heightened Risk Environment
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® 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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State Street CorporationKerri Doherty, +1
617-664-1898kcdoherty@statestreet.com@StateStreet
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