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State Street Secures Mandate for Raytheon Technologies Corporation’s U.S.-Based Defined Contribution Assets
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has been selected by Raytheon Technologies (NYSE: RTX) to provide comprehensive financial services for the $54 billion Raytheon Technologies Corporation Savings Plan Master Trust. This arrangement includes trustee, custody, asset management, securities lending, and transition management services. The collaboration reflects a long-standing partnership exceeding 30 years, highlighting State Street's capability in investment servicing and management.
Positive
State Street selected as trustee and custodian for $54 billion trust.
Expanded services to include securities lending and transition management.
Long-standing partnership with Raytheon Technologies exceeds 30 years.
Negative
None.
Firm to Provide Trust, Custody, Asset Management, Securities Lending and Transition Management Services
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced it has been selected by Raytheon Technologies (NYSE: RTX) as trustee, custodian, asset manager, securities lending agent and transition manager for the Raytheon Technologies Corporation Savings Plan Master Trust, a $54 billion master trust which holds assets for all U.S.-based defined contribution plans sponsored by Raytheon Technologies.
As part of this arrangement, Raytheon Technologies renewed a number of services for the Raytheon Technologies Corporation Savings Plan Master Trust with State Street including trustee, custody, accounting, performance measurement, benefit payments and investment management services. Additionally, the agreement extended its scope to encompass new securities lending and transition management services. Raytheon Technologies opted to renew and expand the relationship with State Street based upon their long-standing strategic partnership which spans more than 30 years.
“State Street is delighted to expand our very important relationship with Raytheon Technologies,” said Francisco Aristeguieta, chief executive officer of State Street Institutional Services. “This deal represents the collective talent across our organization and our unique ability to provide our clients a comprehensive solution for all of their critical needs. We look forward to partnering with the internal teams at RTX, and are committed to providing all of the appropriate resources and expertise as we expand this very important relationship.”
"We are delighted to have awarded this mandate to State Street after conducting an extensive and rigorous selection process that spanned many months and multiple foundational services, all critical to the delivery of our world class benefit programs," said Robin Diamonte, Chief Investment Officer and Corporate Vice President at Raytheon Technologies. "We feel the quality of their teams and their commitment to all aspects of investment servicing, index fund management and portfolio restructuringset them apart, and we look forward to expanding our already strong and enduring relationship."
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 $43.3 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of September 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 September 30, 2021 includes approximately $60 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.
About Raytheon Technologies
Raytheon Technologies Corporation (NYSE: RTX) is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With four industry-leading businesses ― Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense ― the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts and maintains corporate offices in Farmington, Connecticut.
State Street Corporation One Lincoln Street, Boston, MA 02111-2900
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street’s express written consent.
What services is State Street providing for Raytheon Technologies?
State Street is providing trustee, custodian, asset management, securities lending, and transition management services for the Raytheon Technologies Corporation Savings Plan Master Trust.
What is the value of the trust managed by State Street for Raytheon Technologies?
The trust managed by State Street for Raytheon Technologies is valued at $54 billion.
How long has State Street been in partnership with Raytheon Technologies?
State Street and Raytheon Technologies have maintained a strategic partnership for over 30 years.
What is the stock symbol for State Street Corporation?
The stock symbol for State Street Corporation is STT.
What is the stock symbol for Raytheon Technologies?
The stock symbol for Raytheon Technologies is RTX.
