Encyclopedia > State Street Bank and Trust Company
The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. The retail banking and commercial lending units were sold for $350 million. A bank is an institution that provides financial service, particularly taking deposits and extending credit. ... State Street Corporation (NYSE: STT) is a bank holding company based in Boston, Massachusetts. ... Citizens Financial Group, Inc. ... The Royal Bank of Scotland LSE: RBSis one of Scotlands four national clearing banks and one of the oldest in the UK, founded in Edinburgh in 1727 by Royal Charter. ...
In 1999, State Street Bank and Trust Company had four branches and just over $1 billion in assets.
StateStreet is a wholly-owned subsidiary of StateStreet Boston Corporation, a bank holding company organized in 1970 under the laws of the Commonwealth of Massachusetts.
StateStreet itself, however, acting through the SSB Group, is also a borrower of securities, and indeed acts in this capacity, after full disclosure and consent, with respect to many of GSL's institutional clients, such as public pension plans which are not covered by the Act.
As StateStreet will not be a party to the Primary Lending Agreement, it is represented that the sub-agency arrangement between GSL and the primary lending agent will obligate the primary lending agent to provide assurance that the primary lending agent was independent of the fiduciary of the Client Plan.
StateStreet believes that actively managed ETFs will be a valuable investment vehicle for both institutional and individual investors and encourages the SEC to grant the exemptive relief needed to facilitate the development of actively managed ETFs.
StateStreet does not believe that an investment manager of an actively managed ETF should be required to disclose intra-day changes in the portfolio.
StateStreet further asserts that actively managed ETFs should be permitted to invest in "unsold allotments" provided the fund does not violate Sections 12 and 17 of the Investment Company Act of 1940, as amended.
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