State Street Corporation, provider of financial services to institutional investors has captured the top global ranking in Global Custodian magazines 2009 Mutual Fund Administration Survey.
State Street aims to set the standards in this business, and in 2009 it can plausibly claim to have achieved exactly that in this survey, says Global Custodian editors in announcing the results. No other fund administrator can rival the geographic reach or the range of services provided by State Street, the magazine added.
State Street was rated No. 1 overall in the ranking of mutual fund administrators worldwide. In addition, State Street received 52 Best in Class awards for specific service categories. The survey asked mutual fund companies to rate service providers in eight categories: client service and relationship management, value, fund accounting and valuations, transfer agency, distribution support, portfolio servicing, fund reporting, and compliance.
Respondents quoted in the survey noted State Streets range and depth of services. They provide quality fund accounting, custody, tax and administration services that many competitors cannot come close to replicating, says one fund executive.
Another respondent cited State Streets global leadership as a benefit to fund companies expanding into new geographic markets. State Street, with its large client base in the mutual fund business, is in such a leadership position that it is a tremendous resource when moving into a new global market.
State Streets top ranking in Global Custodians annual survey reflects our commitment to meeting the complex servicing needs of mutual funds worldwide, says Joe Antonellis, vice chairman of State Street. Our ongoing investments in technology and expertise are designed to ensure that customers continue to receive this superior level of service.
Global Custodian noted that State Street, while improving its rankings, drew more respondents than any other provider in the survey. With half as many respondents more than its nearest rival, State Street lifted its average scores by significant margins in every service area.
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