State Street Corporation, the provider of financial services to institutional investors, has received top rankings in Global Custodian magazine’s 2008 Securities Lending Survey. Global Custodian rated State Street No. 1 in securities lending in two categories: among institutional investors with $1 billion to $10 billion in lendable assets and those with more than $10 billion of assets to lend.
“State Street is succeeding among exactly the clients whose opinions the industry values most: the largest institutional fund managers and investors,” Global Custodian wrote in an analysis of poll results. “Pension funds, insurance companies and non-retail fund managers make up the bulk of [survey] respondents, and all of them accord the Boston-based bank with scores that aresomewhere between ‘very good’ and ‘excellent’ in all cases.”
“State Street is dedicated to providing customers worldwide with the industrys most comprehensive and innovative securities lending solutions,” says Craig Starble, executive vice president and head of securities finance at State Street. “ur performance in this survey is a testament to this strong commitment, and were honored to have our capabilities recognized by Global Custodian and our customers.”
Global Custodian survey respondents rated 10 firms’ securities lending capabilities across eight categories within eight different disciplines: client service, compliance, earnings performance, operational capabilities, product development, relationship management, reporting and risk management. Based on respondents’ grades, Global Custodian named State Street “Best in Class” in 42 of 64 categories, more than any other provider.
“This achievement is all the more impressive in light of the fact that State Street received easily the largest number of [survey] responses,” Global Custodian wrote. “Better still, the results demonstrate the genuinely global reach of State Street, which now has securities lending teams in every major financial center.”