State Street Secures $8 Billion Texas Municipal Mandate

State Street announced today that it has been appointed by the Austin, Texas based Texas Municipal Retirement System to provide custody, fund administration and securities lending services to the fund's $8 billion in assets. "Our new mandate with the Texas

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State Street announced today that it has been appointed by the Austin, Texas-based Texas Municipal Retirement System to provide custody, fund administration and securities lending services to the fund’s $8 billion in assets.

“Our new mandate with the Texas Municipal Retirement System, an innovative, internally managed fund, underscores State Street’s leadership position in meeting the needs of complex public funds,” says Lee Jones, senior vice president of State Street. “We look forward to working closely with them to provide valuable and customized solutions to help them execute their investment objectives.”

“We are extremely pleased to partner with State Street, a leader in servicing public funds,” adds Gary W. Anderson, Executive Director of the Texas Municipal Retirement System. “Their high-calibre client service team and responsiveness to our needs were major factors in our selection of State Street as our servicing partner. We look forward to leveraging State Street’s experience and specialized expertise in supporting internally managed funds, like ours, and to working with the world’s leading securities lender as we design and execute a lending program that is right for us.”

State Street says it now services over 40 per cent 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 CalPERS, CalSTRS, New York State Teachers, District of Columbia Retirement Board, and the states of Maryland, Vermont, and Washington.

In June last year, the bank was appointed by the North Carolina Department of the State Treasurer, Minnesota State Board of Investment, and the Employees’ Retirement System of the State of Hawaii to provide a variety of investment services to funds worth a total of $114 billion in assets. State Street also announced last September that it was engaged by the Teacher Retirement System of Texas to provide a full range of custodial, securities lending and related services for its $80 billion investment portfolio. Earlier this month State Street announced that it was selected by the Ohio Public Employees Retirement System to provide a variety of investment services for $49 billion in assets.

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