The information provided does not constitute investment advice and it should not be relied on as such. Dear Board Member, Unfortunately, more than 1 in 5 companies in the S&P 500 provide limited transparency into how they manage their directors time commitment. Fixed Income Funds Investment ERISA Litigation", "Administrative Proceeding: State Street Bank and Trust Company", "Class action sought in State Street suit", "The firm behind "Fearless Girl" will pay $5 million for salary discrimination against women", "Firm Behind Fearless Girl Agrees to $5 Million Pay Discrimination Settlement", SSGA's site for exchange traded funds (ETFs) and mutual funds. Investing involves risk including the risk of loss of principal. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Underpinning all of this work is the importance of effective board oversight, which has always been a cornerstone of our asset stewardship approach, given that the strength, independence, and effectiveness of boards is critical to ensuring the long-term value of a firm.4 In my experience, I have found that boards are not only the conduit between investors and management teams, but also often are best positioned to keep management focused on long-term strategy and provide needed perspective and governance with respect to material risks and opportunities facing the companies in which we invest our clients asset. The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership. The views expressed in this material are the views of Yie-Hsin Hung through the period ended March 17, 2023 and are subject to change based on market and other conditions. Previously, he was Vanguard's chief investment officer, overseeing the company's internally managed stock, bond, and money market portfolios as well as its investment research and methodology. You must click the activation link in order to complete your subscription. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. Thomas Rampulla is managing director of Vanguard's Financial Advisor Services division, which provides investments, services, education, and research to more than 1,000 financial advisory firms representing nearly $3 trillion in assets.4 Most recently, he was head of Vanguard's U.K. and European operations. Not FDIC Insured * No Bank Guarantee * May Lose Value. This raises the concern that a substantial increase in directors workloads could lead to a degradation of overall board effectiveness over time. The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (S&P DJI) and have been licensed for use by State Street Global Advisors. State Street Global Advisors approach over the years has been to use constructive engagement to encourage two-way dialogue with boards while at the same time holding them accountable for improving disclosure, oversight, and strategy. He also served as the company's Asia-Pacific chief investment officer and a director of Vanguard Investments Australia. in economics from Fairfield University and an M.S. The Fund pays State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services. Dr. Thomas joined Vanguards board in 2021. John earned an M.B.A. from the University of Adelaide and holds certificates from both the Wharton Advanced Management Program at the University of Pennsylvania and the Advanced Human Resource Executive Program at the University of Michigan. 5 The Vanguard Funds are overseen by boards of trustees. Persons under these restrictions must not access the Site. This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator who are deemed both knowledgeable and experienced in matters relating to investments. 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. BOSTON, MA Ssga Funds Management is a alternative asset management company based in Boston, MA. The Sculpture of a Fearless Girl on Wall Street Is Fake Corporate Feminism. The funds provide inve Read More Contact Who is SSGA Headquarters 1 Iron St, Boston, Massachusetts, 02210, United States Phone Number (617) 786-3000 Website They operate 3 private funds and have approximately $429.46 billion in total assets under management (AUM). The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices. Find out more. In this capacity, the team drives our DEI vision, goals, and accountability across Vanguard and tracks our progress. For more information, contact opendata@sec.gov. I look forward to continuing to work together with board directors like you in the years to come. [17][18][19], For March 2017, State Street Global Advisors commissioned a statue, Fearless Girl by Kristen Visbal, and located it temporarily in the Financial District, Manhattan, in front of the Wall Street icon Charging Bull. The SSGA Funds pay State Street Bank and Trust Company for its services and custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc. for investment advisory services. President & Chief Executive Officer Yie-Hsin is President and Chief Executive Officer of State Street Global Advisors, the investment Mike joined Vanguard in June 2016 and was previously executive vice president and CFO of MassMutual Financial Group. He works with the chairman to develop the agenda of board meetings and chairs the meetings of the independent directors, including meetings of the audit, compensation, and nominating committees. Ssga Funds Management is based out of Boston. Ssga Funds Management is a hedge fund with 279 clients and discretionary assets under management (AUM) of $894,513,485,797 (Form ADV from 2022-11-28). STATE STREET GLOBAL ADVISORS, INC. He is also a graduate of Harvard Business School's Advanced Management Program. SSGA FUNDS Distributor:State Street Global Advisors Funds Distributors, LLC, memberFINRA,SIPC, an indirect wholly owned subsidiary of State Street Corporation. [7] By 1989 the division had $53 billion (USD) in assets under management. At the Special Meeting, the Trusts His responsibilities include serving as a principal point of contact for the independent directors, who appoint the chairman of the board. The information provided does not constitute investment advice and it should not be relied on as such. email address below and choose 'Submit'. WebSSgA Funds Management, Inc. operates as an investment firm. He served at Fidelity from 2010 to 2014. Prior to Mellon, he was with McKinsey & Company, Inc., from 1986 to 1997 and was elected a partner in 1992. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. John James is managing director of Vanguard's Institutional Investor Group, which serves the investment needs of employers offering company-sponsored retirement plans as well as organizations such as endowments and foundations. WebPresident & Chief Executive Officer. He is a member of the board of governors of the Investment Company Institute and of FINRA. From Sectors and Smart Beta to Fixed Income, SPDR Exchange Traded Funds (ETFs) give you wide access to diverse investment opportunities. He is also a graduate of Harvard Business School's Advanced Management Program. All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. [[]] %%State Street Corporation%%. 5 Shareholders expect boards to effectively govern themselves with respect to the ability of directors to devote adequate time to the boards work. For more information, please see the SECs Web Site Privacy and Security Policy. In her previous role, Lauren was a principal in the defined contribution retirement plan business in Vanguard's Institutional Investor Group, where she led Participant Services and Operations. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. [citation needed]. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Total Annual Fund Operating Expense Arrangements SSGA Funds Management, Inc. (SSGA FM), as adviser to each series There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. 3 Assets under management are as of February 28, 2023. 2Figure is as of February 28, 2023. The same individuals serve on the Vanguard board of directors and the funds' boards of trustees. Prior to joining Fidelity, he served as president and chief executive officer of BNY Mellon Asset Management in Boston. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. A portfolio's ESG criteria may result in the portfolioinvesting in industry sectors or securities which underperform the market as awhole. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. Our commitment to pragmatic stewardship and our focus on long-term value creation remain steadfast. ***Log In or Kheng Siang Ng, CFA, is a Vice President and He joined SSGA Singapore in 2005. She is managing director of the Office of the General Counsel, which includes Government Relations, Legal, Compliance, and Investment Stewardship. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. 3 Institutions including the Bank of England, the IMF, and the Federal Reserve have all asserted these risks, as has the UN-sponsored Intergovernmental Panel on Climate Change. SSGA FD and State Street Global Advisors are affiliated. WebState Street Global Advisors Proxy Voting and Engagement Guidelines for Australia and New Zealand address our market-specific approaches to topics including directors and boards, accounting and audit-related issues, capital structure, reorganization and mergers, remuneration, and other governance-related issues. Our 2023 stewardship priorities are to encourage transparency and disclosure in the areas of 1) effective board oversight, 2) climate risk management, 3) human capital management, and 4) diversity, equity and inclusion. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Chris holds a B.S. Most recently, he was head of Retail Client Services and Operations. Thats why this Wall Street-funded sculpture will never be a symbol to embrace. After submitting your request, you will receive an activation email to the requested email address. 5 4 Figures are as of February 28, 2023. State Street Global Advisors, One Iron Street, Boston, MA 02210-1641. As long-term holders of capital on behalf of our clients, we believe that our portfolio companies must have effective oversight and governance to ensure they consider these risks and opportunities and integrate them into their strategy and management. He has served in a variety of senior leadership roles, including chief marketing officer for Retail and in the firm's Institutional division and Corporate Strategy department. THIS SITE IS INTENDED FOR QUALIFIED INVESTORS ONLY. Mortimer (Tim) Buckley is chairman of the board and chief executive officer of Vanguard. One Lincoln Street. By providing clear guidance to nominating and governance committees on director commitment levels and holding them accountable through our annual vote, we hope to advance transparency on this issue, and prioritize other topics in our discussions with portfolio companies relating to long-term risks and opportunities. The Fund pays State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services. She is currently a professor at Duke Law School, a Distinguished Fellow at its Global Financial Markets Center, and a Senior Fellow at Duke Center on Risk. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Nitin Tandon is chief information officer and managing director of Vanguards Information Technology division, overseeing all aspects of the companys use of technology to serve clients and manage investments. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Language links are at the top of the page across from the title. She has served on the boards of Out & Equal, the University of California, Berkeley School of Engineering and Santa Clara University's Leavy School of Business. References to State Street may include State Street Corporation and its affiliates. He is on the Board of Directors at The Financial Services Forum, State Street Bank & Trust Co. (UK Branch), Unum Group, The Conference Board, Inc., Boston Public Library Foundation, Institute of Contemporary Art, IYRS School of Technology & Trades, Rhode Island Commerce Corp. (United States), The Boston Foundation, The EastWest Institute, WBUR Boston and Committee for Economic Development. Please note all AUM is unaudited. As the new President & CEO of State Street Global Advisors, I am excited to join this firm for a number of reasons, not least of which is the size, scope, and reach of our business, and the responsibility we have to our global client base. This page was last edited on 25 April 2023, at 13:42. Chief Investment Officer, Fundamental Value Equities, CIO, Global Fixed Income, Currency & Cash, Global Head of ESG and Sustainable Investing, Head of SPDR Capital Markets and Strategic Partners, Global Head of SPDR ETF Strategy, Planning and Infrastructure, Head of European Institutional Distribution, Chief Technology Officer and Head of Transformation, Head of State Street Global Advisors India, Head of State Street Global Advisors Europe Ltd, Chief Operating Officer, Global Institutional Group, Head of State Street Global Advisors EMEA and Head of the Global SPDR ETF Business. He also previously served as an assistant professor at the Wharton School of the University of Pennsylvania. He earned a B.S. 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. He is a CFA charterholder and a member of the CFA Society of Philadelphia. Sign-up Click the link to obtain aprospectus or summary prospectuswhich contains this and other information, or by calling 1.877.521.4083. Mr. Volanakis has been a Vanguard director since 2008. Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. Since our founding in 1975, weve put investors first. In April 2009, a class action suit was filed against State Street, alleging SSGA chose illiquid, leveraged, and risky securities in their short-term, liquid fund products. In October 2017, SSGA agreed to pay over $5 million in back pay and interest to settle allegations the company underpaid women and African-American employees. -, State Street to Participate in Autonomous Bernstein's 39th Annual Strategic Decisions Conference, Factbox-Industry targets of U.S. Republicans' anti-ESG efforts, The Shareholder Commons, Inc Files an Exempt Solicitation Statement and Urge Support for its Proposal, Other Investment Management & Fund Operators, BANK OF NEW YORK MELLON CORPORATION (THE), Sector Other Investment Management & Fund Operators, President, COO & Head-Investment Services, Chief Administrative Officer & Executive VP, Executive VP & Global Head-Investor Relations, Secretary, Executive VP & General Counsel, T. Rowe Price Associates, Inc. (Investment Management), Capital Research & Management Co. (International Investors), Robert W. Baird & Co., Inc. (Fixed Income). You can unsubscribe to any of the investor alerts you are subscribed to by visiting the 'unsubscribe' section below. She is the former vice president of AppleCare at Apple and previously served as a senior vice president at Hewlett Packard. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As boards have increasingly focused on managing longer-term risks and opportunities, their governance, committee structure, and effectiveness have become that much more important. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGAs express written consent. President & Chief Executive Officer Going forward, we will continue using director and committee chair votes to encourage sound governance and oversight while holding relevant directors accountable on a case-by-case basis as outlined in our related guidance on Effective Board Oversight. Our leadership team is backed by more than 500 market cycle-tested investment professionals. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited, by reason of that person's nationality, residence or otherwise. Dr. Perold is a board member of RIT Capital Partners. Previously, Joe served as head of Vanguard Equity Index Group, chief investment officer of the Asia Pacific region, a director of Vanguard Investments Australia, and head of Vanguard Portfolio Review Department. David Thomas is president of Morehouse College and a trustee of Common Fund. This document contains certain statements that may be deemed forward-looking statements. He joined Vanguard in 1997. WebInstitutional ownership Institutional investors hold a majority ownership of STT through the 92.15% of the outstanding shares that they control. President & Chief Executive Officer Yie-Hsin is President and Chief Executive Officer of State Street Global Advisors, the investment management arm of State Street Corporation with $3.62 trillion* in assets under State Street Global Advisors, the asset management division of State Street Corporation, was founded in 1978[6] in Boston, Massachusetts. Its first three products were a domestic index fund, an international index fund (based on the MSCI EAFE index), and a short-term investment fund. WebMr. Each of these topics presents short- and long-term risks and opportunities to companies across our portfolio. As such, in the year ahead we will be looking to the nominating and governance committees of portfolio companies to be responsible for establishing and enforcing, as well as disclosing, robust director time commitment policies. President & Chief Executive Officer Investment Advisor [28], In 2008, State Street Bank was sued by Trust Co. for Fixed Income Funds Investment. As our now State Street Chairman & CEO, Ron OHanley, said in 2017 when he was CEO of State Street Global Advisors: Long-term value begins at the board. Despite all of the changes we have witnessed in these intervening six years, his words remain true today and continue to guide us in our mission to serve all investors. Our leadership team is backed by more than 500 market cycle-tested investment professionals. Outside of Vanguard, he served as chairman of the board of Children's Hospital of Philadelphia from 2011 to 2017. State Street Global Advisors launched the first foreign real estate ETF in 2006 (Ticker: In January 2011, State Street Global Advisors completed its acquisition of Bank of Ireland Asset Management (BIAM). United States. At State Street, we promise to treat your data with respect and will not share your information with any third party. State Street Bank & Trust Co. v. Signature Financial Group, Inc. Mitsubishi UFJ Trust and Banking Corporation, https://en.wikipedia.org/w/index.php?title=State_Street_Global_Advisors&oldid=1151669373, Financial services companies established in 1978, Investment management companies of the United States, Articles lacking reliable references from May 2021, Articles needing additional references from May 2021, All articles needing additional references, Articles with multiple maintenance issues, Articles with unsourced statements from May 2021, Creative Commons Attribution-ShareAlike License 3.0, In 2003, State Street Global Advisors' Boston office moved to the newly completed.
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