BOSTON--(BUSINESS WIRE)--Oct. 2, 2024--
State Street Corporation (NYSE: STT) and TCW announced today an expansion of their decades-long partnership that now includes the provision of middle office services. This engagement builds on and grows the existing suite of services that State Street continues to provide TCW, including administrative and custody services to support TCW’s public and private fund complexes and capital for TCW’s alternatives platform. TCW will leverage State Street’s technical expertise and Alpha services to create seamless integration with its front-end platform to unify the investment management process.
“Asset managers are continually looking for partners who can provide them with solutions that enable them to serve clients well, grow, and scale,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporation. “We are pleased to support TCW with end-to-end services and look forward to growing the partnership with the TCW team.”
“This partnership enables TCW to execute on our strategic growth initiatives through our expanded client offering of diversified solutions, particularly in credit alternatives which has doubled in assets over the past four years,” said Katie Koch, president and chief executive officer of TCW. “We are delighted to enter into this arrangement with State Street who has been a long-standing partner to us.”
Working with State Street will enable TCW to augment areas of its operating model to increase efficiency and scale while maximizing investment in technology solutions.
“We are excited about this partnership with State Street as it aligns with TCW’s commitment to innovation and operational excellence, while allowing TCW to continue to evolve to meet client needs with an expanded range of platform capabilities,” said Melissa Stolfi, chief operating officer of TCW.
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 $44.3 trillion in assets under custody and/or administration and $4.4 trillion* in assets under management as of June 30, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2024 includes approximately $69 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.
© 2024 State Street Corporation
About The TCW Group
TCW is a leading global asset management firm with a broad range of products across fixed income, alternative investments, equities, and emerging markets. With over half a century of investment experience, TCW manages approximately $200 billion in client assets today. Through its ETFs, TCW MetWest Funds, and TCW Funds, TCW manages one of the largest fund complexes in the U.S. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. For more information, please visit www.tcw.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding the expansion of our servicing relationship with TCW, as well as regarding our business, strategy, growth and sales prospects, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “objective,” “plan,” “believe,” “anticipate,” “seek,” “may,” “trend,” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements include factors set forth in our 2023 Annual Report on Form 10-K, our subsequent SEC filings and our news release and slide presentation accompanying our first quarter 2024 earnings announcement in which the servicing mandate referenced in this news release is included. We encourage investors to read these materials, particularly the sections on risk factors and the endnotes, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this news release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20241002993915/en/
Media Contacts:
State Street:
Brendan Paul
Bpaul2@statestreet.com
+1-401-644-9182
TCW:
Doug Morris
doug.morris@tcw.com
+1-213-244-0509
Source: State Street Corporation
