About SSgA

Leading Institutional Asset Management.
World-Class Operational Platform.
Client Focused, Solutions Driven.
Building Relationships Worldwide.

Fiduciary Heritage of State Street Corporation

State Street Global Advisors (SSgA) is the asset management business of State Street Corporation, one of the world's leading providers of financial services to institutional investors1, with a heritage dating back over two centuries. Backed by the strength and stability of the State Street organization, SSgA makes continual investments in our asset management and client service platform, resulting in a client-focused, solutions-driven orientation. Our investment culture is built on experience and skill that each of our more than 400 investment professionals and over 2400 employees2 around the world bring to every client relationship.

1Pensions & Investments, June 27, 2013 2 State Street Global Advisors, as of 31 December 2012

Our Leadership Team

SSgA’s leadership team is a global assembly of senior executives who lead through demonstration of expertise, client focus and operational excellence.

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Scott F. Powers President and CEO State Street Global Advisors

Scott is President and Chief Executive Officer of State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and a global leader in asset management. He is also a member of State Street's Management Committee, the company's senior-most strategy and policy-making team and sits on the State Street Major Risk Committee.


Prior to joining State Street in May 2008, Scott served as CEO of Old Mutual US, the US operating unit of London-based Old Mutual plc. During his seven-year tenure at Old Mutual, he was one of six senior executives overseeing the worldwide operations and was also a member of Old Mutual's executive committee, where he was actively involved in the development and execution on overall business strategy.


Previously, Scott held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. While at The Boston Company Asset Management, he served as Chief Operating Officer and Head of Marketing and Client Services. Scott began his career as a financial services advisor with Dean Witter Reynolds.


Scott attended St. Paul's School and has an AB in Economics from Harvard College. Additionally, Scott is a trustee at Middlesex School, and a Board member of The United Way of Massachusetts Bay.

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Alyssa A Albertelli, Esq. Chief Compliance Officer State Street Global Advisors

Alyssa Albertelli is the chief compliance officer for State Street Global Advisors (SSgA). She is a member of the SSgA Executive Management Group and reports to the president and chief executive officer of SSgA and chief compliance officer of State Street Corporation.

Alyssa joined SSgA in March 2012 as a senior vice president and chief legal officer for SSgA Funds Management Inc. In that role, she was responsible for the legal teams supporting Global Product and Marketing and the US registered advisory, mutual fund, money market fund, and exchange traded fund businesses.

Previously, Alyssa was a partner at Ropes & Gray LLP and a member of the investment management practice for 15 years. She provided legal advice to investment companies, their independent directors and investment advisers. Alyssa also counseled clients in the establishment, registration and operation of retail and institutional fund products. She represented clients in merger and acquisition transactions, as well the post-merger integration of operations and products. In addition, she assisted clients experiencing or anticipating compliance, examination, enforcement or other regulatory issues with the Securities and Exchange Commission and other regulatory agencies. Prior to joining Ropes & Gray, Alyssa was an associate in the investment management group at K&L Gates for two years. She worked in finance in the mutual fund industry before attending law school.

Alyssa earned her Juris Doctor from Boston University School of Law, cum laude, and Master of Business Administration from Boston University School of Management. She earned her Bachelor of Arts in economics and finance from Simmons College.

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Amy E Armstrong Human Resources Business Partner State Street Global Advisors

Amy is a Vice President of State Street Global Advisors and a member of SSgA Human Resources team. Amy provides strategic HR support and consultation to the Investment organization globally. This includes talent management, succession planning and HR solutions that support the SSgA business vision.


Prior to her role as a Business Partner Amy was a senior staffing associate for SSgA responsible for all hiring domestically. Amy joined State Street Corporation in 2003 as a senior recruiter for the Corporate Information Technology groups and moved to SSgA in March of 2004. Prior to joining State Street, Amy worked in the staffing industry as a recruiter and business development manager.


Amy earned a Bachelors of Arts Degree in Communications from The Ohio State University in 1993.

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Lynn S. Blake, CFA CIO, Global Equity Beta Solutions State Street Global Advisors

Lynn is an Executive Vice President of State Street Global Advisors (SSgA) and CIO of Global Equity Beta Solutions. In this capacity, she oversees a team of 60 portfolio managers globally, and more than 1,000 portfolios with assets in excess of $1.1 Trillion across all equity index and advanced beta strategies. She also oversees SSgA's Corporate Governance and Global Proxy Voting as well as the Company Stock Group which manages fiduciary transactions and company stock investments, including company stock ownership and 401K plans. In addition, Ms. Blake is a member of the SSgA Fiduciary Committee, the Investment Committee, and the IT Steering Committee.


Prior to her current role, she was head of non-US markets of passive equities, responsible for overseeing the management of all non-US equity index strategies, as well as serving as portfolio manager for several equity index portfolios. She joined SSgA in 1987.


Ms. Blake holds her Master of Business Administration in finance from Northeastern University, and a Bachelor of Science from the Boston College Carroll School of Management. She also earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and the Boston Security Analyst Society. Lynn also serves on various index advisory boards and committees.

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Marc P. Brown Chief Administrative Officer State Street Global Advisors

Marc is Chief Administrative Officer of State Street Global Advisors, a member of the Executive Management Group, SSgA's most senior executive strategy team, and an Executive Vice President of State Street Corporation. Marc is responsible for SSgA's global infrastructure including all operations, technology,data management and project management functions. He served as Deputy Director of SSgA's International Offices from 1999 to 2004, during which time SSgA's global business became an important component of its broad investment solutions capability. In 2005, Marc led SSgA's global strategy and product development efforts and in 2006, he also assumed responsibility for SSgA's client facing teams in the U.S, Canada and Latin America, before moving to his current CAO position.


Marc joined SSgA in 1999 from State Street Corporation, where he worked for 18 years. In 1989, he established the Investment Manager Services Division, which provided transaction processing and relationship support to the investment managers contracted by State Street's institutional clients. In this role, Marc partnered with many large investment managers to formulate their strategic infrastructure and straight-through processing plans. Prior to this, Marc managed State Street's global subcustodian network. He assumed this position after serving a variety of roles in the Global Custody Department and U.S. Master Trust Division.


Marc holds a BA in Economic and Governmental Legal Studies from Bowdoin College.

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Lochiel Cameron Crafter, CFA Head of Asia Pacific State Street Global Advisors

Lochiel is a Senior Managing Director and Head of Asia Pacific for State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and global leader in asset management. Based in Sydney, Lochiel oversees SSgA's business across the Asia Pacific region. Prior to this appointment in 2013 Lochiel was Head of Investments for Asia Pacific. Lochiel is a member of SSgA's Executive Management Group and is a board member of a number of SSgA operating entities.


Before joining SSgA in 2010, Lochiel was CEO of the Australian Reward Investment Alliance, he was also with SSgA for seven years as regional CIO for the Asia-Pacific region and has held other roles in the investment management industry.


Lochiel has earned the Chartered Financial Analyst designation and is a member of CFA Institute. He received an MBA from the University of Melbourne and a BS with First Class Honours, majoring in Statistics, from the University of New South Wales.

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Keith C Crawford, CPA Chief Financial Officer State Street Global Advisors

Keith Crawford is Chief Financial Officer of State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and a global leader in asset management. He is also a member of the Executive Management Group.


Keith joined SSgA after more than 12 years with State Street's Corporate Finance team, most recently as head of Corporate Advisory Services with oversight for global merger and acquisition (M&A) activity, including divestitures, joint ventures and minority investments. He managed and executed complex financial M&A transactions such as Intesa, Bank of Ireland Asset Management and Complementa.


Prior to joining State Street, Keith worked at Ernst & Young LLP, where he led an M&A team that performed due diligence for financial and strategic buyers seeking investment opportunities in various industries.


Keith is a Certified Public Accountant and holds a bachelor's degree in accounting from the University of Connecticut and a master's degree in finance from Rensselaer Polytechnic Institute (RPI).

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Maria F Dwyer, Esq. Chief Risk Officer State Street Global Advisors

Maria F. Dwyer is the Chief Risk Officer of State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and a global leader in asset management. Prior to joining State Street, Maria served as Chief Regulatory Officer of MFS Investment Management. In this capacity, she was responsible for the firm's compliance, fund treasury and operations risk management functions. She also was a member of the firm's Management Committee. Maria rejoined MFS in March 2004 from Fidelity Investments, where she held several senior management positions from 1996 to 2004. Most recently, she was President and Treasurer of the Fidelity Group of Funds.

Prior to that, she also served as Deputy Treasurer for the Fidelity Funds and Director of Investment Development. Before joining Fidelity, Maria served at MFS in a variety of senior roles from 1990 to 1996, including Chief Compliance Officer. Maria began her career in 1983 working for the Supreme Judicial Court of Massachusetts as a Law Clerk for Associate Justice, Joseph R. Nolan, followed by 5 years with Coopers & Lybrand in their Tax Department.

Maria is a member of the SSgA Executive Management Group (EMG), Senior Management Group (SMG) and Investment Committee. Maria received a Bachelor of Arts from the College of the Holy Cross, a J.D. from Suffolk University Law School and an L.L.M. in Taxation from Boston University Law School.

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Gregory A. Ehret Global Chief Operating Officer State Street Global Advisors

Greg is an Executive Vice President and Global Chief Operating Officer (GCOO) of State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and a global leader in asset management. As GCOO, Greg is responsible for SSgA's global client outreach, product, marketing, operations and technology. He is also a member of SSgA's Executive Management Group and is a member of the board of multiple SSgA operating entities and fund companies.


Prior to his appointment to GCOO in 2012 and since 2008, Greg was head of Europe, the Middle East, and Africa (EMEA) for SSgA, having moved to London in January 2007 to assume the role of Head of Sales and Distribution in EMEA. Greg is a 20 year veteran of SSgA and has held a number of executive positions in operations, sales, and product development including as co-head of the firm's industry leading SPDR ETF business.


Greg has a BA in Economics from Bates College and a MBA from Boston University.

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Daniel Farley, CFA CIO, Investment Solutions Group State Street Global Advisors

Dan is a Senior Managing Director of State Street Global Advisors, and the Chief Investment Officer for SSgA's Investment Solutions Group (ISG). In this role, he is responsible for the management and development of asset allocation strategies for institutional clients worldwide. His responsibilities include the design and management of Liability Driven Investments, tactical asset allocation and overlay strategies. He is a member of SSgA's Senior Leadership Team. Prior to this role, Dan was the Head of the US MACS team.



Dan holds a BSBA from Stonehill College and an MBA from Bentley College, and has earned the Chartered Financial Analyst designation. He is a member of CFA Institute and the Boston Securities Analyst Society. Dan has been a frequent speaker on the topics of asset allocation, liability driven investments and investment management for endowments/foundations. Dan also serves on the Board of Directors of the Crispus Attucks Children's Center in Dorchester, MA.


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Phillip S. Gillespie, Esq. General Counsel State Street Global Advisors

Phillip S. Gillespie joined SSgA in June 2008 as Executive Vice President and General Counsel. In that role, Phil is responsible for the global legal affairs of SSgA and oversees a team of experienced attorneys, paralegals and assistants located in Boston, London, Paris, Tokyo, Montreal, Hong Kong and Sydney. He is a member of SSgA's Executive Management Group.


Phil joined SSgA from OppenheimerFunds, Inc. (OFI) where he was Senior Vice President and Deputy General Counsel and responsible for the day-to-day operations of OFI's Legal Department. Prior to joining OFI in 2004, Phil was First Vice President - Legal Advisory at Merrill Lynch Investment Managers (MLIM), where he managed a team of attorneys and paralegals providing legal services and oversight for MLIM's U.S. based investment teams, operations and its U.S. registered fund business.


From 1993 to 1997, Phil was an attorney with the U.S. Securities and Exchange Commission (SEC) in its Washington, D.C. headquarters holding posts as Senior Counsel in the Legal Policy and Counseling Group of the SEC's Office of the General Counsel and as Senior Counsel in the Office of Chief Counsel of the SEC's Division of Investment Management.


Prior to joining the SEC, Phil was an associate in the corporate finance practice of the Seattle law firm, Perkins Coie, and started his legal career as a law clerk to the Honorable Charles Clark, Chief Judge of the U.S. Court of Appeals for the Fifth Circuit.


Phil is a graduate of Georgetown University's School of Foreign Service and earned his JD, magna cum laude, from Tulane Law School. He is a native of the state of Mississippi.

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Michael Karpik, CFA Head of EMEA State Street Global Advisors

Michael is a Senior Managing Director and Head of EMEA for State Street Global Advisors (SSgA), the investment management arm of State Street Corporation and a global leader in asset management. He is also a member of SSgA's Executive Management Group, Chairman of the Board for SSgA Limited (UK) and is a member of the board for multiple SSgA operating entities and fund companies throughout Europe.


Prior to this appointment and since 2009, Michael was Head of Investments for EMEA as well as Head of UK, Middle East and Ireland. Michael moved to London in 1999 and has also had previous management positions in operations, product development and our Global Cash Investment group. He is a 25 year industry veteran and a 14 year veteran of SSgA.


Michael has a BS in Finance from Gannon University and is a Chartered Financial Analyst (CFA). 

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Richard Lacaille Chief Investment Officer State Street Global Advisors

Rick Lacaille, Executive Vice President is Global Chief Investment Officer (CIO) of State Street Global Advisors and a member of the firm's Executive Management Group. In his role as Chief Investment Officer Rick has responsibility for all investment management activity at SSgA, including research and trading. Prior to his current role, Rick was Head of Global Active Equities, and previously European CIO. Rick serves on the European and International Executive Committees and the SSgA Investment Committee. Before joining SSgA in 2000, he held a wide variety of posts in quantitative fund management and research at Gartmore Investment Management, including periods as Head of Quantitative Research and Head of Structured Equities.


Rick has a BSc(Hons) in Operational Research from Lancaster University and MSc in Econometrics from London Guildhall University.


Rick is a member of the FTSE Policy Committee and he sits on the Asset Management Committee of the Investment Management Association. He is a regular writer and broadcaster on investment issues and speaks frequently at industry conferences. 

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Bernard P. Reilly, CFA Global Head of Strategy State Street Global Advisors

Bernard is an Executive Vice President and Global Head of Strategy for State Street Global Advisors (SSgA). As Global Head of Strategy, he is responsible for working with the executive team on setting the strategic direction for the firm. He is also a member of SSgA's Executive Management Group (EMG) and is a member of the board of a number of SSgA operating entities in Asia Pacific.


Prior to his appointment as Global Head of Strategy, Bernard was head of Asia Pacific for SSgA, with business responsibility for the Hong Kong, Singapore, Tokyo, and Sydney operations. Bernard has over 23 years of industry experience with SSgA, working in Sydney and Hong Kong and holding a number of positions in operations, portfolio management and sales.


Bernard has a Bachelor of Economics degree with a major in Finance and Accounting from Macquarie University, Australia. He has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute. 

Global Locations

SSgA has a network of offices, investment centers and affiliations that provide access to a wide range of investment strategies and services around the world.

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Australia

Sydney

State Street Global Advisors Australia, Limited Level 17 420 George Street Sydney, NSW 2000 Australia Tel: 612 9240 7600 Fax: 612 9240 7611

Melbourne

State Street Global Advisors Australia, Limited Suite 16, Level 50 120 Collins Street Melbourne, VIC 3000 Australia Tel: 613 9225 5142 Fax: 612 9240 7611

Belgium

State Street Global Advisors Limited 92 Avenue Reine Astrid B-1310 La Hulpe Belgium Tel: +32 (0) 2 663 2036 Fax: +32 (0) 2 672 2077

Canada

Toronto, Ontario

State Street Global Advisors Ltd. 30 Adelaide Street East Suite 500 Toronto, Ontario M5C 3G6 Tel: 647 775 5900 Fax: 647 775 6800

Montreal, Quebec

State Street Global Advisors Ltd. 770 Sherbrooke Street West Suite 1200 Montreal, Quebec H3A 1G1 Canada Tel: 514 282 2415 Fax: 514 282 3048

China

Hong Kong, China

State Street Global Advisors Asia Limited 68th Floor Two International Finance Centre 8 Finance Street, Central Hong Kong, China Tel: 852 2103 0288 Fax: 852 2103 0200

France

State Street Global Advisors France Défense Plaza 23-25 rue Delarivière-Lefoullon 92064 Paris la Défense Cedex France Tel: +33 (0) 1 44 45 40 00 Fax: +33 (0) 1 44 45 41 92

Germany

Munich

State Street Global Advisors GmbH Brienner Strasse 59 80333 Munich Germany Tel: +49 (0) 89 558 78 400 Fax: +49 (0) 89 558 78 440

Frankfurt

State Street Global Advisors GmbH Solmsstraße 83 60486 Frankfurt Germany Tel: +49 (0) 69 66 77 45 016 Fax: +49 (0) 69 66 77 45 021

India

SSGA Investment Research Services Pvt. Ltd. RMZ Infinity, Tower D 7th floor Old Madras Road Bangalore 560016 India Tel: 91 80 672 14000

Ireland

State Street Global Advisors Ireland Limited Two Park Place Upper Hatch Street Dublin 2 Ireland Tel: +353 1 776 3000 Phone Fax: +353 1 776 3300 Fax

Italy

State Street Global Advisors Ltd. Sede Secondaria di Milano Via dei Bossi, 4 20121 Milano Italy Tel: +39 02 3206 6100 Fax: +39 02 3206 6155

Japan

State Street Global Advisors (Japan) Co., Ltd. 39F Midtown Tower 9-7-1 Akasaka Minato-ku Tokyo 107-6239 Japan Tel: +81 3 4530 7380 Fax: +81 3 4530 7364

Netherlands

State Street Global Advisors (SSgA) Adam Smith Building Thomas Malthusstraat 1-3 1066 JR Amsterdam Tel: +31 (0) 20 708 56 00 Fax: +31 (0) 20 708 56 01

Singapore

State Street Global Advisors Singapore Limited 168 Robinson Rd. 33-01 Capital Tower Singapore 068912 Tel: 65 6826 7500 Fax: 65 6826 7501

Switzerland

State Street Global Advisors AG Beethovenstrasse 19 Postfach CH-8207 Zurich Switzerland Tel: +41 (0)44 245 7000 Fax: +41 (0) 44 245 7016

United Arab Emirates

State Street Bank and Trust Company (Representative Office) P.O. Box 26838 Dubai United Arab Emirates Tel: +971 (0) 4 437 2800 Fax: +971 (0) 4 437 2818

United Kingdom

London

State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom Tel: +44 (0) 20 3395 6000 Fax: +44 (0) 20 3395 6350

United States

Boston, MA

State Street Global Advisors One Lincoln Street State Street Financial Center Boston, MA 02111-2900 Tel: 617 786 3000

Atlanta, GA

Prominence in Buckhead Suite 1920 3475 Piedmont Road, N.E. Atlanta, GA 30305 Tel: 404 442 0500 Fax: 404 442 0501

Chicago, IL

10 South Wacker Drive Suite 3250 Chicago, IL 60606 Tel: 312 798 6500 Fax: 312 798 6520

San Francisco, CA

Steuart Tower, Suite 1700 One Market Street San Francisco, CA 94105 Tel: 415 836 9800 Fax: 415 836 9802

Serving:

Australia New Zealand
Belgium Denmark Estonia Greece Iceland Latvia Lithuania Luxemburg Norway Portugal Spain Sweden Finland
Canada
China Hong Kong Macau South Korea Taiwan
France
Austria Czech Republic Germany Poland
India
Ireland
Italy
Japan
Netherlands
Brunei Indonesia Malaysia Philippines Singapore Thailand
Switzerland
Bahrain Egypt Kuwait Oman Qatar Saudi Arabia United Arab Emirates
South Africa United Kingdom
United States

State Street Global Alliance

Global Alliance seeks to invest in early stage, innovative asset management firms in an effort to generate private equity-like returns and increase the investment capabilities, alpha generation, and intellectual capital of its two shareholders, SSgA and APG, a Dutch pension services company.

What We Do

Global Alliance seeks to make equity investments in early stage asset management firms, or in investment teams, with cutting edge, innovative investment ideas and strong performance. In addition to the resources and support of SSgA and APG, Global Alliance offers a partnership structure which provides strong incentives as well as a powerful platform for growth.

Advantages of Global Alliance companies:
  • Distribution power of SSgA
  • Seed capital from APG
  • Separately branded and capitalized companies
  • Management retains ownership stake in their firms
  • Entrepreneurial culture
  • Affiliate of SSgA and APG
Our Process

From the earliest days, SSgA and APG recognized the need to establish ownership and compensation structures for our Global Alliance companies that differ from those at the parent organizations, and that attract exceptional investment managers. Often, talented managers want to operate smaller, more entrepreneurial firms. We believe that there are opportunities for value creation at these smaller firms.

Our process begins by sourcing new companies using our extensive global network of affiliates. After agreement has been reached on whether or not to move forward, we use our resources to conduct a complete and thorough due diligence analysis of the company, the management team, the investment premise, and the market. In many cases, the information gained from this analysis will aid in the development/creation of the potential partner's business plan. If an investment by Global Alliance is prudent, we then work to negotiate the capitalization and structure of the new entity. Post investment, Global Alliance management provides value-added assistance and oversight as necessary to help our partners achieve their growth plans.

Global Alliance Companies

SSARIS operates as an absolute return and multi-asset class strategies platform with global reach. SSARIS combines an experienced management team with seasoned professionals who have expertise in selecting and monitoring absolute return investments.
> Visit SSARIS

Sectoral Asset Management Inc. is an industry-leading specialist in managing global investment portfolios in the healthcare sector.
> Visit Sectoral Asset Management

Press Releases

Investor Confidence Falls in March by 2.5 Points to 120.22014-03-25

Investor Confidence Rises in February by 8.7 Points to 123.02014-02-25

Investor Confidence Rises in January by 18.6 Points to 114.42014-01-27

Investor Confidence rises in December by 4.7 points to 95.92013-12-31

Investor Confidence falls in November by 4.2 points to 91.32013-11-26

Investor Confidence Index falls in October by 5.6 points to 95.72013-10-29

Investor Confidence Index falls in September by 3.5 points to 101.42013-09-24

Investor Confidence Index falls in August by 2.6 points to 105.12013-08-27

SSgA to Launch Lifestyle Solutions Strategies to Resolve the "Retirement Conundrum"2013-08-19

Investor Confidence Index rises in July by 0.8 points to 107.62013-07-30

Investor Confidence Index rises in June by 11.9 points to 106.82013-06-25

SSgA Enhances Investment Capabilities to Meet Evolving Client Challenges2013-06-19

Investor Confidence Index rises in May by 1.8 points to 94.82013-05-28

Investor Confidence Index rises in April by 5.5 points to 93.62013-04-30

SSgA Partners with GSO / Blackstone to Bring First Actively Managed Senior Loan ETF to Market2013-04-04

The information we provide does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. We encourage you to consult your tax or financial advisor. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results.

This document contains certain statements that may be deemed to be forward-looking statements. All statements, other than historical facts, contained within this article that address activities, events or developments that SSgA expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by SSgA in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances, many of which are detailed herein. Such statements are subject to a number of assumptions, risks, uncertainties, many of which are beyond SSgA's control. Readers are cautioned that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Corporate Governance and
Sustainable Investing
Signatory of PRI: Principles for Responsible Investment

Understanding environmental, social and corporate governance issues is becoming more and more important to us and to our clients. Once a field characterized by a limited set of issues (e.g. pollution, human rights, executive compensation), the ESG landscape has exploded to encompass a myriad of factors. But as institutional investors – many of whom are fiduciaries – increasingly advance the sustainable agenda, there is necessary focus on those ESG factors that are believed to be material to investment performance. At the same time that we have observed this move to the mainstream, consideration of ESG criteria has almost always been part of the perspective for socially responsible or values-based investors. SSgA has a dedicated and formalized corporate governance and sustainable investing resources. In recognition of the importance of collective action to expand global ESG activity and market maturation, as well as the residual value accruing to SSgA and our clients, we are involved in many industry initiatives. We believe that our approach to ESG has and continues to help SSgA attain our overriding ambition of meeting our clients’ needs.

RELATED DOCUMENTS

Corporate Governance

The notion that corporate governance plays a vital role in the long term sustainability of any company has a long history but the importance of robust board oversight is no longer simply conventional wisdom but a fundamental principle among long term investors. SSgA has various different investment viewpoints and objectives depending on the product or strategy but the fiduciary responsibilities of share ownership and voting across these various strategies has always been carried out with a single voice and objective – we act to maximize shareholder value on behalf of our clients by advocating strong corporate governance principles and management oversight from the issuers we hold. SSgA’s corporate governance capabilities lead to meaningful issuer engagements, well developed in-house ESG policies, and the expertise and tools needed to analyze ESG issues on a case-by-case basis at the company level. The Corporate Governance Team is responsible for proxy voting, research and analysis, and engaging with issuers on ESG and governance issues on behalf of our clients.

RELATED DOCUMENTS

Sustainable Investing

Guardians of financial assets often seek to ensure that ESG criteria—of which there are many—are applied in keeping with the mission, values or economic interests of their organization and plan participants. While the significance of a single issue or a subset of ESG issues may vary across and within companies, sectors, regions, asset classes and time horizons, SSgA recognizes that collectively, ESG tenets are an increasingly prominent component of investing. We believe this dynamic is poised to evolve and that we should respond accordingly. SSgA works collaboratively with clients to identify the distinct combination of ESG investing methods best suited to accomplish their goals. While most clients' ESG requirements are unique and thus require a separate account, SSgA has also created pooled funds for many common ESG approaches. Our ESG team collaborates with our internal business partners, including investment and client facing teams, to support our capabilities to manage ESG-specific mandates or assess ESG factors for possible integration into existing investment management practices. Exploration of the use of ESG factors in our active models is an ongoing area of study.

RELATED DOCUMENTS

Our Perspective and Commitment

Global Perspective with Local Expertise

SSgA’s global presence and research focus allows us to invest effectively in markets worldwide, while working to meet the objectives set by each and every client. Our scale and experience afford us greater access to financial markets and bring our clients the potential benefits of liquidity, cost efficiencies and investment precision. This results in portfolios that are focused on maximizing risk-adjusted returns.

Investment Culture Built on Experience and Skill

Our world-class operational platform features 27 global offices*, 9 investment centers* and a 24-hour global trading capability with trading desks in Boston, London and Hong Kong.* This allows SSgA to share with clients the best ideas and points of view from experts around the globe.

* State Street Global Advisors, as of June 30 2013

Our Investment Philosophy

At SSgA we manage a wide range of strategies based on a plurality of beliefs and multiple investment approaches. For each strategy, we conduct focused research, leading to a diverse array of robust investment solutions. We are proud to work with a diversified range of clients and our investment approaches are built to meet their specific requirements. Our global investment team shares a collective conscience that guides our day-to-day approach and drives our future development.

Our investment philosophy is underpinned by four strong values: excellence in research, collaboration, accountability, and innovation.

  • Research is at the heart of every investment belief we develop at SSgA. Our pursuit of excellence in research is grounded in the belief that the ideas we choose to explore, and ultimately harbor, are based on a sound theoretical basis supported by strong empirical evidence.
  • Through Collaboration and our team structure, we not only encourage diversity of ideas but also create a powerful governance process within our organisation. We emphasize internal challenge to vet ideas thoroughly but also to recognize and exploit complementary skill sets between research and portfolio management.
  • To achieve a degree of Accountability, we must be pragmatic and act with integrity. While theory is a strong starting point for any process, we test our ideas empirically in order to address uncertainty, always in the best interests of clients. Our role as a fiduciary means that clients always come first.
  • Finally, we believe that Innovation does not imply indiscriminate creativity, rather it’s about our clients and how we can use our capabilities in a way that delivers a better outcome for them. We believe that scepticism is essential in an industry with a long history of making overconfident claims and it guards against group-think and fads. Harnessed effectively, it can actually spur more rapid innovation.

Guided by SSgA’s core values, we continue to build distinctive, research-driven strategies that challenge established thinking and improve client outcomes.

View a video of our Global CIO discussing SSgA's Investment philosophy.

Rick Lacaille: SSgA's Investment Philosophy

Our Investment Platform

A Precise Approach

SSgA combines a disciplined investment process with a global investment platform that gives clients access to every major asset class, capitalization range and style, with strategies spanning investment approaches including passive, active, absolute return and fully customized portfolios.

Broad Range of Solutions

We are recognized for both our indexing leadership and alpha-generation expertise. For clients, this translates into:

  • Client-focused solutions developed and managed for virtually any investment need
  • Rigorous governance and the highest standard of oversight
  • Historically consistent investment results
  • Investment transparency and risk management

Our Process and Solutions

SSgA fosters strategic partnerships between our portfolio managers and research teams, who work together to understand client needs and provide recommendations and solutions. Our global trading team focuses on maximizing efficiencies, minimizing costs and managing risks. SSgA engineers investment strategies across equity, fixed income, currency, real estate and absolute return, and covering the spectrum of investment approach, including indexed, enhanced and active. Importantly, clients can access these solutions through a range of vehicles, such as private funds, commingled investment vehicles, ETFs, mutual funds and client-directed mandates (e.g. separately managed accounts or segregated mandates). In addition, through our Global Alliance businesses, we offer a range of alpha-generating strategies, including absolute return, multi-asset class, REITs (real estate investment trusts), active emerging markets and healthcare.

Our Indexing Leadership

SSgA’s index equity solutions reflect our core strengths: experience, breadth, flexibility, internal liquidity and size. Our product breadth and depth make us one of the industry leaders, with a large selection of strategies and investment vehicles that track almost any benchmark. We strive to provide the flexibility necessary to accommodate our clients’ diverse range of complex investment objectives.

SSgA’s SPDR® brand has become an ETF leader, with more than $350 billion in assets under management — one of the broadest ranges of ETFs in the industry.* State Street, in partnership with the American Stock Exchange, created the first exchange-traded fund (ETF) in 1993 (SPDR S&P 500 – Ticker SPY). Since then, we’ve sustained our place as an industry leader with many ground-breaking products, including first-to-market with gold, international real estate, international fixed income and sector ETFs.

* State Street Global Advisors as of 31 December 2012

Overview

As one of the world's largest institutional asset managers, SSgA has a long and proud heritage working with the most sophisticated investors around the world. Our investment solutions and strategies are designed to help a diverse range of investors meet various investment objectives. Our clients include public and private retirement plans of all sizes, large corporations, non-profit organizations, insurance companies, banks and central banks, and are located in every major region around the world. Our dedicated client service and our consultative solutions-based approach enable us to build long-lasting relationships with institutions of all sizes, across all regions and all investor segments.

Corporate Pensions

SSgA has become one of the world's largest managers of corporate defined benefit pension plans because of our commitment to delivering solutions designed to meet the unique needs of corporate plan sponsors. We have the size, scope and expertise to meet our clients’ specific requirements, which include liability matching, accounting solutions and growing assets for meeting obligations well into the future. We work with our clients to help minimize their funding volatility while systematically improving the funding position of their portfolios, and provide research tailored to the specific needs of the pension community. To meet these objectives and varying levels of investment SSgA offers defined benefit pension plans a wide complement of investment solutions including cash, equity, fixed income and alternative strategies spanning investment approaches from passive to active to absolute return.

Public & Multi-Employer Plans

SSgA exercised market leadership in 1995 when we were among the first asset managers to establish a business development and relationship management team dedicated solely to public pension plans. Understanding the structure and process of public and union plans takes expertise and experience. Through a coordinated effort, our team manages all types and sizes of public fund accounts—from local police and fire retirement plans to the largest state employees’ retirement systems.

SSgA’s dedicated Taft-Hartley team focuses solely on servicing and building relationships with labor unions and their pension fund trustees, and has proudly managed pension assets for labor union clients since 1978.

As a committed service provider to the union retirement plan market, we take pride not just in the number of relationships we have – but also in the strength of these relationships. Most of our Taft-Hartley clients have two or more strategies with us, having recognized that our capabilities and investment performance are powerful across a variety of investment disciplines.

The team is comprised of seasoned professionals who have a deep understanding of the Taft-Hartley market and a strong understanding of finance and investment management offerings. We believe our clients benefit as they are able to share investment ideas and trends from the marketplace with members of our Taft-Hartley team.

Official Institutions

Established in late 2000, SSgA's Official Institutions Group (OIG) oversees investment management services provided to sovereign clients such as central banks, government agencies and supranational institutions. The OIG team now manages over US$375 billion for 73 central banks and government clients worldwide.* Sovereign clients have similar objectives and challenges whether they are based in the developed or emerging world, and regardless of their geographical location. OIG recognizes this and focuses on the common needs of this growing class of investors.

OIG uses its experiences with clients worldwide to provide both technical and strategic advice and skills transfer to official sector clients, as well as providing them with a single point of contact for all SSgA services. Our services for official sector clients include:

  • Dedicated focus on central bank reserves and official sector funds
  • Expertise in advising on strategic policy issues for those managing public sector assets
  • Technical advice and skills transfer capabilities in all aspects of investment management and risk control techniques
* State Street Global Advisors, as of 30 September 2011

Defined Contribution

SSgA is one of the largest investment-only providers of DC solutions in the marketplace today. Our commitment is to partner with plan sponsors to help them deliver retirement security for their employees. We recognize that providing best-in-class investment solutions is one of several key components to make individually-funded retirement plans work. That's why we also provide plan sponsors with assistance focused on strategic plan design and participant communications.

When you shift to a self-funded retirement system, it's critical to change how retirement plans are designed. At SSgA, we take this issue seriously and are committed to taking on this challenge. Our DC team is passionate about retirement and committed to sharing new ideas, creating new solutions and sharing opportunities that can create better retirement plans for our clients and their employees. Together, we can make retirement work.

Cash

SSgA’s Corporate Treasury Management Team is a separate and distinct unit at SSgA dedicated to the corporate treasury market. Since 1978, we have helped our clients meet their operating and liquidity needs through customized solutions, responding to a wide variety of requirements and challenges. Key to our success has been our dedication to our client relationships.

The team benefits from SSgA’s investment capability, vast resources and economies of scale that are often unavailable at smaller firms. We leverage SSgA’s rigorous research, proprietary models and state-of-the-art controls to deliver cost-effective solutions for our clients.

Our customized solutions encompass a broad selection of investment products that span the short-to-intermediate term fixed income market and cover the full spectrum of risk and return options. We are able to manage to most benchmarks and risk targets or apply most screens our clients require.

Sample Strategies

  • Aggregate
  • Government/Corporate
  • Global
  • Aggregate MBS
  • Government
  • ABS
  • Treasury
  • CMBS
  • Agency
  • Municipal
  • Corporate
  • Crossover

Sample Benchmarks

Taxable

  • JP Morgan 1 Month Libor
  • Merrill Lynch 6 Month Treasury
  • Merrill Lynch 0-3 Year ABS
  • Merrill Lynch 1-3 Year Government
  • Barclays Capital 1-5 Year Credit/MDS
  • Barclays Capital Intermediate Gov/Credit
  • Barclays Capital Aggregate

Tax Exempt

  • Barclays Capital 1 Year Muni
  • ImoneyNet MFR Tax Free (ALL)
  • Barclays Capital Muni 1-10 Year Blend
The Barclays Capital indexes are trademarks of Barclays Capital, Inc. All information provided herein regarding JPMorgan Index products (referred to herein as "Index" or "Indices"), including without limitation, the levels of the Indices, is provided for informational purposes only and nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction, or a valuation or price for any product referencing the Indices. Nor should anything herein be construed as a recommendation to adopt any investment strategy or as legal, tax of accounting advice. The above lists are provided for illustrative purposes only.

Insurance

SSgA’s tailored insurance asset management business brings together our vast global investment resources and capabilities to deliver strategic solutions for our insurance clients. SSgA manages insurance assets spanning investment approaches including passive, enhanced and active across all asset classes including equity, fixed income and currency, with some utilizing our asset allocation strategies. We have relationships with insurance clients including life and health companies, property and casualty companies, reinsurance companies and captive insurance companies.

Financial Intermediaries

State Street Global Advisors caters to the specific needs of financial professionals such as brokers, registered investment advisors, financial planners, private client officers and a variety of other wealth and portfolio managers. We offer a dedicated team of sales staff, marketing specialists and strategy and research experts, to provide institutional caliber products and services to sophisticated investment professionals. Our comprehensive offerings span the full range of risk/return options providing a myriad of investment solutions including mutual funds and SPDR® exchange-traded funds. We also offer SPDR University, an online educational portal built exclusively for investment professionals.

Charitable Asset Management

Charitable Asset Management is a specialized group within SSgA that seeks to provide excellence in planned gift investment management, tax, administration and program consulting services for charitable organizations. Established in 1984, SSgA's Charitable Asset Management group is one of the leading financial service providers for planned gifts in the industry.

The group's specialists have on average 16 years of planned gift experience across the various specializations requisite to providing the myriad deliverables required for planned gifts. The group manages in excess of $2.8 billion in planned gift assets for 215 charitable organizations and their more than 68,000 donors and income beneficiaries*. Charitable Asset Management's sole focus is helping SSgA's charitable clients maximize their planned giving programs and manage the risks.

A dedicated relationship team personalizes and customizes the services to meet the distinct requirements of each charitable organization's gift planning program. We seek to provide excellence in tax efficient, risk-managed investments and timely, accurate administration and tax. Proactive training and consultative support are our hallmarks. Our dedicated relationship management, tax, investment and operations team become, in effect, an extension of the clients' investment and planned gift offices, relieving them of the investment and administrative responsibilities planned gift programs entail so they can focus on their primary responsibilities for endowment and gift growth. We communicate with clients regularly through in-person meetings, conference calls, newsletters, web reporting, training sessions and an annual customer gift planning conference.

* SSgA 30 June 2013

Sub-Advisory

Our expertise in sub-advisory services helps provide our clients with a broad range of product offerings and skilled client support. As one of the largest global investment management firms, SSgA manages money for some of the most respected insurance, mutual fund, third-party fiduciary and investment-only DC providers. With a solution set that spans everything from passive exposure through active and alternatives, we have broad and deep capabilities to deliver to our clients. In addition to investment management, we also offer a dedicated and experienced team that understands the complexities of the sub-advisory business from sales, legal, compliance and operations perspectives.

Experience and innovation, backed by a global presence and a wealth of resources, is the cornerstone of success, for us and our clients.

Foundations & Endowments

SSgA has become the largest manager of endowment, foundation and other nonprofit assets* because of our client-centered philosophy. With a dedicated Nonprofit Relationship Management Team, we help clients address the pressing issues many endowment and foundations face including managing liquidity, rethinking asset allocation and managing tail risk. These solutions can include:

  • Beta Exposure
  • Cash Management
  • Asset Allocation
  • Real Asset Exposure
  • Inflation Hedging
  • Mission Investing
  • Direct Real Estate
  • Fund-of-Funds
  • Emerging Market Equity and Debt
* Pensions & Investments, June 27 2013 based on assets under management as of 31 Dec 2012.