GM Appoints State Street as Custodian for U.S. Public Assets
19 August 1998
State Street Appointed Custodian by General Motors For U.S. Public Assets of Its Defined Benefits Trusts
BOSTON--Aug. 18, 1998--New Win, Valued at $46.2 Billion,
Brings Total GM Assets Serviced by State Street to $101 Billion
State Street Corporation has been selected by General Motors Investment Management Corporation (GMIMCo) to serve as master trustee for General Motors' Defined Benefits Trusts' domestic public assets, valued at $46.2 billion. State Street also retained its role as master recordkeeper service provider for the entire $74 billion General Motors Defined Benefits Trusts.
In addition to this new assignment, State Street has served as master trustee for the $21 billion General Motor's defined contribution plans since 1994, has provided General Motors with master recordkeeping services since 1997, and was recently named trustee and securities lending agent for the $5.8 billion General Motors Voluntary Employees' Beneficiary Association trust (VEBA). State Street Global Advisors manages both active and index strategies for General Motors' pension and saving plans.
Under the agreement, State Street will provide daily valuation and reporting for 41 investment pools to be utilized by the General Motor's defined benefit and defined contribution plans. State Street will also provide investment operations for General Motors' in-house domestic managers and enhanced servicing from State Street Analytics to include attribution reporting and daily performance measurement.
"We are very excited that General Motors, an extremely important client, has selected us to service a key segment of its Defined Benefits Trusts' portfolio," said Joseph C. Antonellis, senior vice president and head of State Street's Master Trust business. "It underscores our ability to leverage a broad range of expertise into highly individualized services, enabling us to anticipate and meet a range of increasingly complex investment needs for our clients."
As custodian, State Street provides General Motors with safekeeping of assets, trade settlement, portfolio accounting, daily valuation and reporting, income collection, corporate action notification, tax reclamation, cash management, and the preparation of reports to meet U.S. Department of Labor and other government agency reporting requirements.
State Street Analytics is the pension consulting business of State Street, comprising 130 investment performance professionals, eight locations worldwide and serving approximately 275 clients.
With $4.5 trillion in assets under custody and $459 billion under management, State Street Corporation is the world's leading specialist in serving institutional investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, United Kingdom, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, Austria, United Arab Emirates, Russia, People's Republic of China, Taiwan, South Korea, Japan, Singapore, Australia, and New Zealand. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT. For more information, visit State Street's web site at www.statestreet.com.
GMIMCo is a wholly owned subsidiary of the General Motors Corporation that provides investment management services to GM and its affiliates. Its clients include the U.S. and foreign subsidiary pension and savings plans, GMAC Insurance Holdings and its subsidiaries, and the GM Foundation Fund. GMIMCo is a registered investment advisor and has investment responsibility for approximately $110 billion in total assets.