BOSTON--(BUSINESS WIRE)--

State Street Corporation (NYSE: STT) announced today that it has been reappointed by PIMCO to provide investment manager services outsourcing in support of $1.55 trillion in assets under management. The agreement renews a historic 16-year investment manager services outsourcing relationship announced in 2000, whereby State Street assumed PIMCO's back-office investment operations in Newport Beach, California, including trade processing, collateral management, pricing, and derivatives processing.

Separately, State Street also has agreed in principle with PIMCO to provide accounting, custody, fund administration and transfer agency services for an additional $140 billion in assets under management. These assets would be in addition to the $397 billion of PIMCO-managed assets already similarly serviced by State Street and are expected to include the full suite of back office services for PIMCO’s Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds. This anticipated mandate remains subject to completion of definitive agreements, any further approval of applicable funds’ boards or shareholders and customary regulatory approvals.

“As one of the first outsourcing deals in the industry, we are very pleased to have worked together with PIMCO to support their rapid growth for more than a decade,” said Dick Taggart, executive vice president at State Street. “Our relationship with PIMCO has formed the cornerstone of our investment manager services outsourcing business.”

“State Street’s digital and integrated solutions for our middle- and back-offices have been and will continue to be an important part of our continued global success” said Peter Strelow, managing director at PIMCO.

Andrew Erickson, executive vice president and head of State Street Investment Servicing in the Americas, commented: “As we continue our five-year technology transformation that will deliver faster processing, intra-day views and updates, and one integrated view of data across products and services, we are excited to team with PIMCO to share these solutions.

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $28 trillion in assets under custody and administration and $2 trillion* in assets under management as of June 30, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.

* Assets under management include approximately $40 billion as of June 30, 2016, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.

Forward-Looking Statements

This news release contains forward-looking statements as defined by United States securities laws, including statements relating to our plans to complete an expansion of our investment servicing relationship with PIMCO with a mandate for $140 billion in assets, which mandate is subject to completion of definitive agreements, approval of applicable and funds’ boards or shareholders and customary regulatory approvals. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “anticipate,” “expect,” “plan,” “will,” “intend,” “goal,” “forecast,” “outlook,” “believe,” “estimate,” “seek,” “may,” “trend,” “target,” “strategy” and “objective,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to the date of this news release. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2015 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release speak only as of the date hereof, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date.

CORP-2322

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