State Street says it has been appointed by the Retirement Systems of Alabama to provide a full range of investment services. State Street will provide custody, fund accounting, master record-keeping, global securities lending, cash management and performance measurement services to the fund’s $24 billion in assets.
“We’re delighted to forge this new relationship with the Retirement Systems of Alabama and to be appointed for this important mandate,” says Lee Jones, senior vice president of State Street. “State Street is committed to being at the forefront of providing leading edge services to public fund clients. Our investment in technology and people, combined with our considerable experience in this market ensures that we provide our clients -old and new – with the very best solutions that allow them to meet their investment objectives. We are also extremely proud of the fact that we continue to win new business at a 2:1 ratio over our competitors, which is a testament to our unwavering dedication to client service.”
“We chose State Street as our service provider after a rigorous evaluation process”, says Dale Weaver, Director of Investment Accounting & Operations of the Retirement Systems of Alabama. “We look forward to working with State Street on this important relationship.”
State Street claims to service over 40% of the public fund business in the United States, with clients in 32 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. In the past two years, State Street has added or retained mandates with public funds including the North Carolina Department of the State Treasurer, Minnesota State Board of Investment, and the Employees’ Retirement System of the State of Hawaii, the Teacher Retirement System of Texas, Texas Municipal Retirement Fund, and the Ohio Public Employees Retirement System.