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This disclosure statement (the “Statement”) has been prepared by State Street Global Advisors Limited (“SSGAL”), London, United Kingdom, also referred to as (the “Company”) to provide quantitative and qualitative information on the capital adequacy, risk management framework and remuneration practices of the Company. This Statement fulfils the regulatory disclosure requirements set out by the Financial Conduct Authority (“FCA”) in the Prudential Sourcebook for Banks, Building Societies and Investment Firms (“BIPRU”).
SSGAL is regulated by the FCA that enforces the capital adequacy framework consisting of three pillars in the United Kingdom.
Pillar 1: defines the rules and regulations for calculating risk-weighted assets and regulatory minimum capital requirements. SSGAL is a €50k BIPRU firm and its Pillar 1 capital requirement is the higher of sum of credit and market risk or fixed overhead requirement (“FOR”);
Pillar 2: addresses a firm’s internal process for assessing overall capital adequacy in relation to its risks. This is also referred to as the Internal Capital Adequacy Assessment Process (“ICAAP”). Pillar 2 further entails the Supervisory Review and Evaluation Process by the FCA; and
Pillar 3: complements Pillars 1 and 2 and is designed to promote market discipline by providing market participants with key information on a firm’s risk exposure and risk management processes through a set of minimum disclosure requirements. Unless otherwise stated all information in this Statement is based at 31 December 2019 and includes relevant regulatory disclosures for SSGAL in accordance with the rules set out in chapter 11 of BIPRU. Certain information has been omitted from the Statement if, in the opinion of the management of SSGAL, such information is of proprietary nature, price-sensitive, may intrude the privacy of the company’s clients or would not change or influence the assessment or decision of market participants or other users of the Statement.
The document is updated and published annually. It will, however, be published more frequently if there are significant changes to the business such as changes to the scale of operations, range of activities and presence in different countries or financial sectors.
This document has been reviewed internally and approved by the Board of SSGAL for publication on the State Street website www.statestreet.com. Copies of the statement are available at company’s main office located at 20 Churchill Place, Canary Wharf, London E14 5HJ.
This information is for informational purposes only, not to be construed as investment advice or a recommendation or offer to buy or sell any security. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. There are no guarantees regarding the achievement of investment objectives, target returns, portfolio construction, allocations or measurements such as alpha, tracking error, stock weightings and other information ratios. The views and strategies described may not be suitable for all investors. SSGA does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision. Investing entails risks and there can be no assurance that SSGA will achieve profits or avoid incurring losses.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.
Images of NYSE Group, Inc. are used with permission of NYSE Group, Inc. Neither NYSE Group, Inc. nor its affiliated companies sponsor, approve of or endorse the contents of this program. Neither NYSE Group, Inc. nor its affiliated companies recommend or make any representation as to possible benefits from any securities or investments.