State Street Global Advisors Introduces I&D Focused Share Class within Cash Management Suite
BOSTON--(BUSINESS WIRE)--Nov 15, 2021--
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of a new money market fund share class, the Opportunity Class, which will benefit philanthropic organizations whose values align with State Street’s commitment to racial equity and social justice.
With the launch of the new Opportunity Class shares within State Street Global Advisors’ existing money market fund suite, the firm is answering the call from clients who are increasingly interested in supporting I&D initiatives with their strategic cash investments.
“As one of the world’s largest fiduciary managers who is deeply committed to ESG-focused asset stewardship, we see it as our responsibility to offer our clients an opportunity to have a positive impact within their cash investment strategy,” said Kim Hochfeld, global head of the cash business for State Street Global Advisors. “Our clients are more interested than ever in a holistic, action-oriented approach to inclusion and diversity initiatives.”
The State Street money market funds’ investment adviser, SSGA Funds Management, Inc., will donate out of its own assets at least 20% of its annual net management fee received from assets invested in the Opportunity Class shares to charitable organizations that align with State Street’s 10 Actions Addressing Racism and Inequality. Leveraging the grantmaking guidelines and methodology of State Street Foundation, State Street’s charitable arm, State Street Global Advisors identifies recipient philanthropic organizations to support.
“The State Street Foundation is pleased to partner with the cash business in identifying recipient organizations whose focus aligns with the objectives of the Opportunity Class shares,” said Joe McGrail, President of the State Street Foundation. “The State Street Foundation seeks to bring communities lasting economic benefits, with primary strategic focus areas of education and workforce development. Our grantmaking guidelines explicitly incorporate racial equity and social justice criteria, including diversity across dimensions of population served, organizational leadership, staff, and board of directors.”
The State Street money market funds that offer the Opportunity Class shares are as follows:
- State Street Institutional U.S. Government Money Market Fund (OPGXX)
- State Street Institutional Treasury Plus Money Market Fund (OPTXX)
- State Street Institutional Treasury Money Market Fund (OPRXX)
- State Street Institutional Liquid Reserves Fund (OPIXX)
- State Street ESG Liquid Reserves Fund (OPEXX)
For more information, visit www.ssga.com/cash.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third-largest asset manager with US $3.9 trillion* under our care.
*This figure is presented as of September 30, 2021 and includes approximately $60 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Important Risk Information:
SSGA Funds Management, Inc. (“SSGA FM”) serves as the investment adviser to the Funds.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates raise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
Investing involves risk including the risk of loss of principal.
All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.
There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or another governmental agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates.
The SSGA Funds pay State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA FM for investment advisory services.
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-877.521.4083 or download a prospectus now from ssga.com/cash, talk to your financial advisor. Read it carefully before investing.
State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. T: +1 617 786 3000.
All Rights Reserved.
Not FDIC Insured No Bank Guarantee May Lose Value
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CONTACT: Olivia Offner
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE BANKING FOUNDATION PROFESSIONAL SERVICES PHILANTHROPY
SOURCE: State Street Corporation
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PUB: 11/15/2021 10:30 AM/DISC: 11/15/2021 10:31 AM