State Street Announces Extension of Servicing Agreement with Glenmede Investment Management

Rhea-AI Summary

State Street Corporation (NYSE: STT) has extended its investment servicing relationship with Glenmede Investment Management L.P. and the Glenmede Funds. This renewal includes global custody, accounting, fund administration, and transfer agency solutions. Glenmede will also utilize State Street’s outsourced non-US equity trading and middle office services. According to Ellyn Charters of State Street, this move supports client growth and operational efficiency. Glenmede’s President, Kent Weaver, noted that the extension enhances their service capability and aligns with their growth objectives.

Positive

• State Street has solidified a long-term partnership with Glenmede Investment Management, ensuring continuity of service.
• The extension allows Glenmede to enhance client service by leveraging State Street's market transparency and global liquidity.

Negative

• None.

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced that it has extended its investment servicing relationship with Glenmede Investment Management L.P., (“GIM”), a leading independently-owned asset management firm and the Glenmede Funds, which are managed by GIM. As part of these renewals, State Street will continue to provide global custody, accounting, fund administration and transfer agency solutions for the Glenmede Funds. In addition, in line with State Street’s front-to-back offering, GIM will be taking advantage of State Street’s outsourced non-US equity trading and middle office services for GIM’s international equity strategy.

“We are very pleased to expand on our relationship with GIM and the Glenmede Funds,” said Ellyn Charters, senior vice president at State Street. “We are committed to partnering with each of our clients to help them generate and sustain growth. I believe that State Street is uniquely positioned to help our clients navigate the complexities of today’s market, and that our solutions are helping drive value and create efficiencies on behalf of our client’s stakeholders.”

The extension marks a key milestone with long-standing clients and represents another win in State Street’s effort to support their clients across front, middle and back office. State Street believes that GIM and the Glenmede Funds will benefit from continuity of service. By supplementing their internal trading expertise with State Street’s market transparency, reporting and access to global liquidity, GIM will maximize the value for their clients, drive future growth and support geographical expansion and access to new asset classes.

“We are confident that extending our relationship with State Street will enhance our ability to service our clients, and improve the scale and efficiency required to meet our future growth objectives” said Kent Weaver, President of the Glenmede Funds.

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 $36.6 trillion in assets under custody and/or administration and $3.1 trillion* in assets under management as of September 30, 2020, 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 September 30, 2020 includes approximately $81 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.

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