BOSTON, June 15, 2005 â State Street Corporation (NYSE: STT), the worldâs leading provider of services to institutional investors, announced today that it has acquired an interest in Northeast Retirement Services (NRS), a U.S.-based provider of administration, recordkeeping and processing solutions for plan sponsors, financial institutions, nonprofits and charitable programs.
"State Street and NRS share a commitment to providing robust reporting and technology capabilities for its customers," said Robert Tarter, executive vice president of State Street. "Our strategic partnership will allow us to ensure that nonprofit and for-profit executives as well as trust administrators, investment firms and accountants benefit from a custom-built system with mission-specific reporting. State Street and NRS have worked together for almost a decade, and our clients are impressed by the outstanding quality and value that NRS provides through its reliability, flexibility and responsiveness."
State Street and NRS will collaborate to provide technology solutions tailored for the needs of State Streetâs nonprofit and endowment and collective fund customers, including sub-account and participant level accounting and enhanced recordkeeping services. NRSâ customized technology is currently used by more than 50 State Street customers. This collaboration will augment State Streetâs existing solutions, presenting customers with a more seamless view of data and information produced by both entities.
"Weâre pleased to be strengthening our relationship with State Street," said Thomas Forese Jr., president of NRS. "We share a common vision of delivering value and excellence to our customers and this development will help us to advance this shared vision even further."