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Boston, MA — State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that David Puth has been named to a newly created position as head of State Street's investment research, securities finance and trading activities worldwide. Puth, age 51, will report to Jay Hooley, president and chief operating officer of State Street. He will also join the company's Operating Group, State Street's senior-most strategy and policy-making team.
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| In addition to its industry leading investment servicing and management capabilities, State Street provides specialized investment research and trading to institutional investors across foreign exchange, equities and fixed income. With more than $14 trillion in volume traded across asset classes in 2007 and trading relationships with 88 of the 100 Largest Asset Managers¹, State Street provides clients with original flow-based research, innovative portfolio strategies, trade process optimization, and global connectivity across multiple asset classes and markets. State Street is also a leading foreign exchange dealer and is annually selected as one of the best overall foreign exchange providers in surveys of investment management firms conducted by top industry publications. Through its global network of nine foreign exchange trading desks — in Boston, Toronto, Montreal, London, Hong Kong, Tokyo, Taipei, Singapore, and Sydney — State Street provides its clients with access to industry specialists 24 hours a day. State Street is also a market leader in securities finance, with approximately $3 trillion in lendable assets and nearly $650 billion in assets on-loan as of June 30, 2008. The firm has been providing securities lending services since 1974, and currently lends securities in more than 45 markets around the world through a global network of trading locations. |
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| Hooley said, "Our Global Markets and Securities Finance businesses have experienced considerable growth over the past decade as demand increases for our unique and unconflicted array of lending and trading services and our proprietary flow-based research. Our model positions us to capture considerable market share in the future, particularly given the heightened need for these services fueled by expansion within the alternative and hedge fund sectors. I am confident that, with his global experience and industry knowledge, David will be an excellent leader of these engines of our future growth." |
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| Puth has more than two decades of experience managing and leading capital markets and trading businesses within global financial firms in Europe and the United States including Citigroup and JP Morgan heritage corporations. At JP Morgan Chase, Puth was a member of the firm's Executive Committee and the Investment Bank's Management Committee and was head of Global Currency and Commodities, Sales, Trading and Research. Puth also had responsibility and strategic oversight for its Global Emerging Markets businesses including fixed income, currencies and research for Latin America, Eastern Europe and Asia. While at Chemical Bank, Puth developed and managed the bank's proprietary investments in a portfolio of hedge funds which later became part of JP Morgan Capital Partners. After leaving JP Morgan at the end of 2006, Puth founded the Eriska Group, an investment advisory and risk management consulting firm. Throughout his career he has served on a number of boards including ICAP, a FTSE 100 brokerage firm, and the Federal Reserve Foreign Exchange Committee, which he chaired from 2001 to 2003. He has also served as a senior advisor to JH Whitney Investment Management. |
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| Puth is a member of the boards of the Robin Hood Foundation, an organization dedicated to fighting poverty in New York City, and the Institute for Global Leadership at Tufts University. He is also a trustee of the Berkshire School, a preparatory school in Sheffield, Mass. Puth holds a Bachelor of Arts degree from Tufts University. |
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| Puth said, "I've admired State Street for many years both as a competitor and a counterparty and am delighted to now join the firm and work alongside an outstanding management team within these businesses. State Street's research and trading business strategy has avoided the traditional sell-side approach in favor of one that is truly
transformational and client-focused in terms of its neutrality and ability to simultaneously serve the needs of asset owners, asset managers and broker dealers. Aligning this business more closely with what is a world-class leading securities finance capability will greatly enhance the services we can provide to clients worldwide." |
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| State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $15.3 trillion in assets under custody and $1.9 trillion in assets under management at June 30, 2008, State Street operates in 26 countries and more than 100 geographic markets worldwide and employs 28,700 worldwide. For more information, visit State Street's website at www.statestreet.com. |
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| ¹ As measured by Global Investor Magazine's 2007 annual survey |
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