State Street to Service $4 Billion in Assets for EMC
BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYS: STT) , announced today that it has been appointed by EMC Insurance Companies to provide full custody and investment analytics services. EMC is one of the top insurance organizations in the country.
"After an extensive review of several custody and administration service providers, we selected State Street because of its expertise in custody, accounting and reporting solutions," said Lisa A. Stange, vice president and chief investment officer of EMC Insurance Companies. "We were looking for a provider committed to developing solutions that will address our growth needs and support our investment strategies."
"We are extremely pleased to be selected by EMC Insurance Companies," said Alan Greene, executive vice president of State Street. "As insurers look to meet new reporting and regulation challenges as well as update disparate legacy systems, they need to evaluate how their firms are operating within an evolving market. Determining whether they have the right infrastructure in place or looking to outsource to external parties to help satisfy all these new requirements are important considerations. A recent study on the challenges and opportunities facing the insurance sector highlighted many of these concerns."
State Street's study was conducted jointly with The Economist Intelligence Unit, which surveyed more than 300 insurance executives globally and focused on the key industry issues facing the insurance industry and their preparedness to meet those challenges. The study, "Facing the Future: Blueprint for Growth," highlights three broad categories affecting the insurance industry that include risk, regulation and the restructuring of product offerings. To learn more about State Street's insurance research, please visit http://www.statestreet.com/ourbusiness.
About EMC Insurance Companies
EMC Insurance Companies is among the top 60 insurance organizations in the country based on net written premium, with more than 2,100 employees. The company was organized in 1911 to write workers' compensation protection in Iowa. Today, EMC provides property and casualty insurance products and services throughout the United States and writes reinsurance contracts worldwide. Operating under the trade name EMC Insurance Companies, Employers Mutual Casualty Company and one or more of its affiliated companies is licensed in all 50 states and the District of Columbia. For more information, visit www.emcins.com.
About State Street Corporation
State Street Corporation (NYS: 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 $25.7 trillion in assets under custody and administration and $2.1 trillion in assets under management at June 30, 2013, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street's web site at www.statestreet.com.
This AUM includes the assets of the SPDR Gold Trust (approx.$37 billion as of June 30, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
State Street Corporation
Jan Symosek, +1-617-664-1898
KEYWORDS: United States North America Massachusetts
The article State Street to Service $4 Billion in Assets for EMC originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.