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State Street Announces Appointment by my529 to Provide Range of Investment Servicing Solutions
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has been appointed by my529 to offer investment servicing solutions, aiming to enhance my529’s operational efficiency. my529, Utah's official nonprofit 529 educational savings plan, has over $20 billion in assets under management and serves more than 400,000 participants. The partnership will allow my529 to upgrade technology, streamline operational processes, and focus on growth. State Street will provide various services including accounting, NAV calculations, performance reporting, and trading services.
Positive
Appointment by my529 enhances State Street's service portfolio.
my529 has over $20 billion in assets under management, indicating strong potential for State Street.
The agreement allows for improved technology and operational efficiency for my529.
Negative
None.
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT) today announced that it has been appointed by my529 to provide a variety of investment servicing solutions to help streamline my529’s investment operations. my529, Utah’s official nonprofit 529 educational savings plan, is a direct-sold 529 college savings plan available to residents of any state and currently has over $20 billion in assets under management1.
“We are very pleased to announce this appointment with my529,” said Chris Coleman, head of Global Client Coverage at State Street. “The new, collective arrangement will allow my529 to sunset legacy technology applications, streamline operational processes, and redeploy resources to focus on supporting their 400,0002 + participants in the savings program.”
As part of the announced servicing agreement, State Street will provide my529 with accounting, daily NAV calculations, performance reporting, daily cash settlements as well as dynamic cash allocations, trading, and rebalancing services.
“This is an exciting time for my529,” said Richard Ellis who is the program’s Executive Director. “We are confident that this servicing agreement with State Street will improve the scale and efficiency required to meet our future growth objectives on behalf of our plan’s participants.”
About State Street Corporation
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 $42.6 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of June 30, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2021 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
State Street will offer accounting, daily NAV calculations, performance reporting, daily cash settlements, and trading services.
What is the significance of my529's assets under management for State Street?
my529 has over $20 billion in assets under management, which presents a substantial opportunity for State Street to enhance its servicing capabilities.
How many participants does my529 serve?
my529 serves over 400,000 participants in its savings program.
What impact does the partnership have on my529's technology?
The partnership will allow my529 to upgrade its legacy technology applications, improving operational efficiency.
