Collaboration Offers Case Study on Best Practice when Addressing Brexit
LONDON, March 23, 2017 — State Street Corporation (NYSE: STT) and its partnership approach with M&G Investments highlights the innovative solutions being developed to meet the new challenging requirements resulting from significant market events, including Brexit.
State Street worked with M&G prior to the United Kingdom’s Referendum vote to evaluate options, and offer insight on product domicile-specificities, including distribution models and accounting requirements.
Following the UK’s decision to leave the European Union, cross-border back office support was provided to support the launch of its Luxembourg-domiciled SICAV. A dedicated team also worked closely with M&G Investments to replicate its existing UK operating model and contractual arrangements for Luxembourg in an ambitious delivery period.
Jeff Conway, chief executive officer of State Street EMEA said, “We pride ourselves on being a true partner to our clients and a source of stability in uncertain times. Due to our long-standing relationship with M&G Investments, we fully understand their needs, which allows us to optimise their operating model in a short timeframe, whilst ensuring compliance with local regulators; and providing continued support as they navigate challenges associated with Brexit.”
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 $29 trillion in assets under custody and administration and $2 trillion* in assets under management as of December 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com
* Assets under management were $2 trillion as of December 31, 2016. AUM reflects approximately $31 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated
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