State Street Announces Extension of Servicing Agreement with Glenmede Investment Management
December 08 2020 - 8:30AM
Business Wire
New Agreement Includes Renewal of Core Fund Services
State Street Corporation (NYSE:STT) today announced that it has
extended its investment servicing relationship with Glenmede
Investment Management L.P., (“GIM”), a leading independently-owned
asset management firm and the Glenmede Funds, which are managed by
GIM. As part of these renewals, State Street will continue to
provide global custody, accounting, fund administration and
transfer agency solutions for the Glenmede Funds. In addition, in
line with State Street’s front-to-back offering, GIM will be taking
advantage of State Street’s outsourced non-US equity trading and
middle office services for GIM’s international equity strategy.
“We are very pleased to expand on our relationship with GIM and
the Glenmede Funds,” said Ellyn Charters, senior vice president at
State Street. “We are committed to partnering with each of our
clients to help them generate and sustain growth. I believe that
State Street is uniquely positioned to help our clients navigate
the complexities of today’s market, and that our solutions are
helping drive value and create efficiencies on behalf of our
client’s stakeholders.”
The extension marks a key milestone with long-standing clients
and represents another win in State Street’s effort to support
their clients across front, middle and back office. State Street
believes that GIM and the Glenmede Funds will benefit from
continuity of service. By supplementing their internal trading
expertise with State Street’s market transparency, reporting and
access to global liquidity, GIM will maximize the value for their
clients, drive future growth and support geographical expansion and
access to new asset classes.
“We are confident that extending our relationship with State
Street will enhance our ability to service our clients, and improve
the scale and efficiency required to meet our future growth
objectives” said Kent Weaver, President of the Glenmede 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 $36.6 trillion in assets
under custody and/or administration and $3.1 trillion* in assets
under management as of September 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of September 30, 2020 includes
approximately $81 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2020 State Street Corporation - All Rights Reserved
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Brendan Paul BPaul2@statestreet.com +1 401 644 9182
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