Jersey and Boston — May 19, 2010 — State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, announced today that it has been appointed by Norges Bank to provide fund administration services for the real estate portion of the Norwegian Government’s Pension Fund. State Street will provide administration, accounting and director services for the fund’s $20 billion global real estate investments and will also provide reporting and joint venture structuring services.
State Street, through its acquisition of leading fund administrator Mourant International Fund Administration (MIFA) in April, has become a leading provider of services to real estate funds providing full-service fund administration services to more than 290 primary funds and approximately $50 billion in real estate assets under administration.
“We are delighted to have been appointed as Norges Bank’s real estate service provider,” said George Sullivan, executive vice president of State Street’s alternative investment solutions group. “This sovereign fund is a significant client for us, and we are very much looking forward to taking on this new assignment and working with the team at Norges Bank to provide them with services for the real estate allocation of their growing fund.”
State Street’s real estate services are part of its Alternative Investment Solutions team. With more than $600 billion in alternative assets under administration as of April 1, 2010, State Street’s Alternative Investment Solutions group provides a complete suite of fund accounting, fund administration, corporate administration, risk and credit services to institutional investors, hedge fund managers, private equity fund managers and real estate fund managers. The team includes more than 3,000 employees worldwide.
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 $19 trillion in assets under custody and administration and $1.9 trillion in assets under management at March 31, 2010, State Street operates in 25 countries and more than 100 geographic markets worldwide. For more information, visit State Street at www.statestreet.com.