Officials at State Street Corporation today have a few billion reasons to smile. That’s because the firm today revealed that it has been picked by Washington State Investment Board to provide a range of investment services to including custody, daily investment and compliance reporting, securities lending, securities valuation and settlement.
WSIB is headquartered in Olympia, Washington and manages investment portfolios for 17 separate state retirement plans and 22 other public and trust funds that support or benefit industrial insurance, colleges and universities, developmental disabilities, and wildlife protection. It managed some $80.4 billion in assets as of December 31, 2011.
“Our bundled solution will help increase operational efficiencies and allow WSIB to focus on meeting their growth objectives,” stated Stephen Nazzaro senior vice president of State Street Global Services.