BOSTON - (Business Wire) State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, announced today that it has been appointed to provide fund administration services for Intermountain Equity Group’s (IEG) newly launched private equity fund. State Street will support IEG’s new $400 million private equity real estate fund with a full range of administration services, including custody, accounting, financial reporting and tax services. Based in Sun Valley, Idaho, Intermountain Equity Group was established in April, 2009 by VP Companies, Inc. and Capital Partners, LLC.
“Appointing State Street as our administrator will allow us to focus on managing our new fund and providing value to our investors,” said David Hutchinson, managing director of IEG. “State Street was the clear choice for this assignment as it brings a commitment to alternative investments as well as a strong track record in servicing private equity real estate funds.”
“We are pleased to establish this new partnership with Intermountain Equity Group,” said Jack Klinck, executive vice president and global head of State Street’s Alternative Investments Solutions group. “Fund managers are increasingly finding it advantageous to outsource administrative functions rather than devote resources to building an in-house operation. Real estate fund administration represents a key focus for our private equity servicing team.”
State Street services approximately $145 billion in private equity assets for nearly 400 primary funds. Its private equity fund administration services team is part of State Street’s Alternative Investments Solutions (AIS) group that services $421 billion in alternative assets and includes more than 2,200 employees located in Boston; Ireland (Drogheda, Dublin, Naas); London; New York City; Tokyo; Toronto; Sydney and Fair Lawn, New Jersey.
State Street recently secured top rankings in Global Custodian magazine’s private equity administration survey. State Street received 33 Best in Class Awards, including Best in Class in Client Service (among the $100 million to $1 billion, $1 billion to $5 billion and North America categories), and was ranked No. 1 in the North American provider category.
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 $17.9 trillion in assets under custody and administration and $1.7 trillion in assets under management at September 30, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com
State Street Corporation
Carolyn Cichon, + 1-617-664-8672
