State Street Investment Management

State Street Global Advisors, the asset management division of State Street Corporation, was founded in 1978{{cite web |date=April 17, 2012|url=https://seekingalpha.com/article/502351-state-street-global-advisors-mend-it-dont-end-it |title=State Street Global Advisors: Mend It, Don't End It|quote=State Street Global Advisors was founded in 1978 as the investment management division of State Street Bank and Trust. The firm was a pioneer in the development of domestic and international index funds. In 1990, it was reorganized as a separately incorporated subsidiary of State Street.}} in Boston, Massachusetts.

Its first three products were a domestic index fund, an international index fund (based on the MSCI EAFE index), and a short-term investment fund.{{Cite web|url=https://www.ssga.com/global/en/about-us/who-we-are/history-innovation.html|title=History of Innovation {{!}} SSGA|website=www.ssga.com|access-date=2018-05-09}} By 1989 the division had $53 billion (USD) in assets under management.

In 1990 State Street Global Advisors was formed as a separate entity from State Street Bank{{cite web

|title=State Street Global Advisors

|quote=State Street Global Advisors (SSgA) ... 1990 that SSgA became a separate entity from the bank

|url=http://www.mfwire.com/fundprofile.asp?fund=26827}} with the mission of expanding globally: first London, 10 more international locations by 1994,Brussels, Hong Kong, Toronto, Paris, Sydney, Tokyo, Dubai, San Francisco, Montreal, and Atlanta with 15 by 1999.added: Munich, Zürich, Santiago, Singapore, and Chicago

SSGA invented the investment vehicle known as the exchange-traded fund (ETF) in 1993 with the introduction of the S&P 500 SPDR product (Ticker: {{NYSE Arca|SPY}}),{{cite web|url=http://www.thestreet.com/funds/etf/10331299.html|title=Spyders Widen Web|author=Jen Ryan|work=TheStreet |url-status=dead|archive-url=https://web.archive.org/web/20090310034851/http://www.thestreet.com/funds/etf/10331299.html|archive-date=2009-03-10}} which is traded on the American Stock Exchange. SSGA is the number three ETF manager in the world after BlackRock and Vanguard.{{Cite web|url=https://www.etf.com/sections/etf-league-tables/etf-league-table-2019-06-13|title=ETF League Table As Of June 13, 2019 {{!}} ETF.com|website=www.etf.com|access-date=2019-06-17}}

Assets under management climbed to $161 billion (USD) in 1994 and more than quadrupled to $667 billion by 1999.

As of 2006, one-third of assets under management were from non-US investors.

• In 2003, State Street Global Advisors' Boston office moved to the newly completed State Street Financial Center building at One Lincoln Street.{{cite web|title=State Street subleasing chunk of namesake tower in Boston |url=https://www.bizjournals.com/boston/news/2016/11/22/state-street-puts-sizable-chunk-of-namesake-tower.html|author=Greg Ryan|work=Boston Business Journal|date=November 22, 2016}}
• State Street Global Advisors launched the first foreign real estate ETF in 2006 (Ticker: {{NYSE Arca|RWX}}),{{cite web|url=http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BB7419468-F950-4AF9-B3E5-B490E7AF6883%7D&source=blq%2Fyhoo&dist=yhoo&siteid=yhoo|title=New real-estate ETF is a globe-trotter|author=John Spence|work=MarketWatch}} which provides investors in the US an easy way to access the international housing and commercial development markets.
• In January 2011, State Street Global Advisors completed its acquisition of Bank of Ireland Asset Management (BIAM). The acquisition was first announced in October 2010 for approximately €57 million.{{cite web|url=http://www.businesswire.com/news/home/20110110006020/en/State-Street-Global-Advisors-Completes-Acquisition-Bank|title=State Street Global Advisors Completes Acquisition of Bank of Ireland Asset Management |date=10 January 2011|publisher=Business Wire }} State Street Global Advisors's presence in Ireland, which began 1996, had by 2010 grown to "more than 2,000 local employees."{{cite news |newspaper=The Irish Independent

|url=https://www.independent.ie/business/irish/state-street-opens-new-stateoftheart-headquarters-in-the-capitals-docklands-26637202.html

|title=State Street opens new state-of-the-art headquarters in the capital's docklands

|author=Thomas Molloy |date=March 2, 2010}}

State Street Investment Management is among the signatories of the "Principles for a Responsible Civilian Firearms Industry," which seeks to engage firearms manufacturers, dealers, and retailers in promoting gun safety.{{cite news|url=https://www.cnbc.com/2018/11/14/big-money-managers-press-firearm-industry-to-accept-principles-on-gun-safety.html|title=Funds managing $4.8 trillion press the firearm industry to accept new principles on gun safety|last=Moyer|first=Liz|date=November 14, 2018|access-date=April 2, 2019|agency=CNBC}}{{cite news|url=https://www.institutionalinvestor.com/article/b1btpg247ty6c5/5-Trillion-Investor-Coalition-to-Pressure-Gun-Companies-on-Safety-Measures|title=$5 Trillion Investor Coalition to Pressure Gun Companies on Safety Measures|last=McElhaney|first=Alicia|date=November 14, 2018|magazine=Institutional Investor|access-date=April 2, 2019}}{{cite web|url=https://corpgov.law.harvard.edu/2018/12/06/principles-for-a-responsible-civilian-firearms-industry/|title=Principles for a Responsible Civilian Firearms Industry|last1=Wood|first1=Christianna|last2=Ailman|first2=Christopher|date=December 6, 2018|publisher=Harvard Law School|access-date=April 2, 2019|last3=O’Hara|first3=John|last4=McCauley|first4=Michael|last5=Reali|first5=Peter|last6=Kumar|first6=Rakhi}}

In 2025, State Street Global Advisors rebranded as State Street Investment Management and unveiled a new corporate logo, matching that of parent company State Street Bank.{{Cite web |title=State Street Global Advisors Rebrands as State Street Investment Management |url=https://www.ssga.com/us/en/intermediary/insights/state-street-global-advisors-rebrands-as-state-street-investment}}

State Street Investment Management creates customized investment strategies for institutions.{{cite web |website=SPDRS.com

|title=SPDR Exchange Traded Funds (ETFs) - Legal |url=https://us.spdrs.com/en/general/legal

|quote=State Street Global Advisors (SSGA) ... investment strategies and integrated solutions to institutional}} SSGA manages the assets for clients by setting up commingled funds (otherwise known as common trust funds).

In addition to institutional products, State Street Investment Management has 46 ETF investment products in the US market,{{cite magazine |url=https://www.forbes.com/sites/greatspeculations/2017/11/16/state-street-challenging-bny-mellon-as-largest-custody-bank |quote=As State Street is one of the three largest ETF providers in the world ...|title=State Street Challenging BNY Mellon As Largest Custody Bank|date=November 16, 2017}} as of March 2007. The ETFs track international and domestic indices based on market capitalization, investment style, sector, industry, or commodity. ETF products are also available in other parts of the world such as Belgium, France, Hong Kong, and Singapore under the streetTracks brand.{{cn|date=May 2021}}

The company has 26 Mutual Fund products divided by investment type:{{cite web|url=https://www.sec.gov/Archives/edgar/data/826686/000119312512441308/d429977d497.htm|title=SSgA Funds |publisher=Securities and Exchange Commission |quote=The SSgA Funds operates ...}} money markets, bonds, equities, and diversified funds of funds (also known as life style funds).

State Street Investment Management partners with seven companies in various markets to produce local investment strategies for clients.{{cite web |url=http://www.vermonttreasurer.gov/sites/harry2015/files/VPIC/PDF/2016/SSGA_ESG_Presentation.pdf|title=State Street Global Advisors: ESG Investing & Stewardship |date=August 23, 2016|quote=Clients include governmental entities, corporations, endowments and ... State Street Global Advisors partners with many of the world's largest, ...}} They are Advanced Investment Partners; Asian Direct Capital Management; GovernanceMetrics International (GMI); Innovest Strategic Value Advisors, Inc.; Rexiter Capital Management Limited; Shott Capital Management, LLC; SSARIS Advisors, LLC; The Tuckerman Group, LLC; and Wilton Asset Management, LLC.

In March 2017, State Street Global Advisors commissioned a statue, Fearless Girl by Kristen Visbal, and located it temporarily in the Financial District, Manhattan, in front of the Wall Street icon Charging Bull. The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership.{{Cite news |last=Dutram |first=Eric |date=2017-03-27 |title=The 'Fearless Girl' Statue Isn't a Symbol, It Is an Advertisement |url=http://www.nasdaq.com/article/the-fearless-girl-statue-isnt-a-symbol-it-is-an-advertisement-cm766282 |access-date=2017-03-28 |publisher=NASDAQ.com |language=en-us}} While some have seen it as an encouragement of women in business, some women criticized the statue as "corporate feminism" that violated their own feminist principles.[http://hyperallergic.com/364474/the-sculpture-of-a-fearless-girl-on-wall-street-is-fake-corporate-feminism/ The Sculpture of a “Fearless Girl” on Wall Street Is Fake Corporate Feminism. The bronze statue installed by an advertising firm and a financial firm represents basically everything that’s wrong with our society.] Jillian Steinhauer, Hyperallergic, March 10, 2017[https://www.theguardian.com/commentisfree/2017/mar/14/fearless-girl-statue-whats-wrong-feminism-today The 'Fearless Girl' statue sums up what's wrong with feminism today. Corporate feminism always ends up betraying women’s struggle for justice. That’s why this Wall Street-funded sculpture will never be a symbol to embrace.] Cara Marsh Sheffler. The Guardian. 14 March 2017{{cite web |last1=Bovy |first1=Phoebe Maltz |date=March 14, 2017 |title='Fearless Girl' Statue Not The Feminist Icon We Need |url=http://forward.com/sisterhood/365947/fearless-girl-statue-not-the-feminist-icon-we-need/ |access-date=2017-03-27 |website=The Sisterhood}}

In October 2007, several pension funds sued State Street Corp. for the alleged mishandling of several bond funds managed by SSGA.{{cite web |last1=Appell |first1=Douglas |date=October 15, 2007 |title=SSgA defends its 'low-risk' funds |url=http://www.pionline.com/article/20071015/PRINTSUB/71012055/ |publisher=pionline.com}}

In 2008, State Street Bank was sued by Trust Co. for Fixed Income Funds Investment.{{cite web|title=State Street Bank and Trust Co. Fixed Income Funds Investment ERISA Litigation |url=http://www.erisafraud.com/Default.aspx?tabid=1810}} The case was settled in 2010.{{cite web|title=Administrative Proceeding: State Street Bank and Trust Company |url=https://www.sec.gov/litigation/admin/2010/33-9107.pdf|publisher=U.S. Securities and Exchange Commission|date=February 4, 2010}}

In April 2009, a class action suit was filed against State Street, alleging SSGA chose illiquid, leveraged, and risky securities in their short-term, liquid fund products.{{cite web |last1=Williamson |first1=Christine |date=April 8, 2009 |title=Class action sought in State Street suit |url=http://www.pionline.com/article/20090408/DAILYREG/904089993/ |publisher=pionline.com}}

In October 2017, SSGA agreed to pay over $5 million in back pay and interest to settle allegations the company underpaid women and African-American employees.{{Cite news|url=https://qz.com/1096026/state-street-the-firm-behind-wall-streets-fearless-girl-will-pay-5-million-for-salary-discrimination-against-women/|title=The firm behind "Fearless Girl" will pay $5 million for salary discrimination against women|last=Merelli|first=Annalisa|work=Quartz|access-date=2018-05-09|language=en-US}}{{Cite news|url=http://fortune.com/2017/10/05/fearless-girl-state-street-pay-discrimination/|title=Firm Behind Fearless Girl Agrees to $5 Million Pay Discrimination Settlement|work=Fortune |access-date=2018-05-09|language=en}}

{{Reflist}}

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{{State Street}}

{{Major asset management companies}}

Category:American companies established in 1978

Category:Financial services companies established in 1978

Category:Investment management companies of the United States

Category:Exchange-traded funds

Category:Asset management companies