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Taking care of the assets Boston-based State Street reigns as the undisputed leader in the administration of mutual funds - the company provides accounting and other administrative support to 40 percent of the funds in the U.S. The firm also sells its administrative support to other forms of asset management. With $4.4 trillion in assets under custody, State Street's assets under custody are twice those of its nearest competitor, Bank of New York. The firm doesn't just hold and administer the assets of others - State Street also offers investment management services through a unit called State Street Global Advisors. Founded in 1792 as Union Bank, State Street is one of the oldest financial institutions in the U.S. In 1924, State Street became the first mutual-fund custodian in the U.S. In the 1970s, the firm aggressively pushed into fee-based and information-heavy services such as asset management and 401(k) account planning. Tech leader Despite State Street's storied pedigree, the firm is far from stuck in the past. State Street is considered to be a cutting-edge financial services company when it comes to technology. More than 20 percent of State Street's expenses in each of the years from 1993 to 1998 were spent on information technology; three out of eight of the firm's employees are IT-related. Its core businesses, like its custodial services are based on finding economies of scale through technology and thus delivering its services more efficiently. State Street CEO Marshall Carter is known to fondly refer to the company as a "technology business with a banking license." In 1998, in fact, the bank patented one of its systems - a move virtually unheard of in the financial services industry. Mutual funds on the street The investment-management arm of the company announced in July it would launch exchange-traded mutual funds based on the Fortune 500 and a Fortune Internet stock index. State Street Global Advisors would track 438 companies in the Fortune 500, and funds would trade on the American Stock Exchange.
State Street looks for team players committed to delivering high quality , innovative service to customers. Qualifications and requirements vary by position. To find out about job openings, visit the "Career Opportunities" section of State Street's web site. Send or fax resumes to State Street's employment office, or e-mail resumes to SSBCareers@ssb.com.
With "friendly co-workers" and frequent employee activities including weekend parties and softball games, one employee praised the "fun atmosphere" at State Street. Employees enjoy competitive salaries and benefits, and a "very effective" training program for beginners. Formal dress and long hours can be expected, though State Street encourages a work/life balance. An equal opportunity employer, State Street provides day care referrals, flexible scheduling and emergency back-up child-care.
Trevor Lukes Human Resources
Commercial banking;Credit & Risk Policy;Executive Management;Financial Markets; Retirement Investment Services;Securities Operations;State Street Global Advisors;
Bank of Boston;Chase Manhattan;Fleet More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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