London, February 24, 2005 – State Street Global Markets, the investment research and trading arm of State Street Corporation (NYSE: STT), the world’s leading provider of services to institutional investors, today announced the appointment of Hemang Patel to European head of operations. Patel will report to Robert J. Sisti, global head of operations for State Street Global Markets and Peter O’Neill, head of State Street Global Markets in London. Patel, age 37, will be based in London.

Patel will be responsible for overseeing the European operational infrastructure that supports equity, fixed income, foreign exchange and money market trading. State Street Global Markets provides specialized investment research and trading in equities, fixed-income and foreign exchange. It is a leading provider of transition management and portfolio rebalancing. Its proprietary research uses information aggregated from more than 15 percent of the world’s tradable assets. By aggregating and analyzing the holdings, flows and borrowings of institutional investors around the world, the research provides unique insights into investor behavior and its interaction with global financial markets.

"I’m very pleased to have Hemang on board," said Sisti. "His technology expertise and his knowledge of both buy and sell-side financial operations will be a great asset to us as we continue to advance our trading infrastructure globally. We’re also glad to leverage his keen understanding of the regulatory and business environment in Europe."

Patel has more than 14 years of capital markets operations experience. Prior to joining State Street, he held a number of senior operations and technology positions in both the U.S. and Europe at S3 Asset Management, Credit Suisse First Boston, Barclays Capital, BZW and Salomon Brothers. Patel holds a bachelor’s of science degree in business computing systems from London City University.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management, State Street operates in 25 countries and more than 100 markets worldwide.

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