Global Link - Press Releases

Press Releases

July 3, 2001 15:44 GMT

State Street Announces That Merrill Lynch Funds Will Be Available On Fund Connect via Global Link

LONDON, UK - July 3, 2001- State Street Corporation, the world's leading specialist in meeting the needs of sophisticated global investors, today announced that the Merrill Lynch Institutional Liquidity Funds plc (ILF) will be available via Fund Connect.

Fund Connect, launched in early 2000, is an online trading tool for the subscription and redemption of units in a wide range of proprietary and third party money market and investment funds. It offers investors access to multi-currency money market and cash funds, and investment funds including sector, country and regional index funds. These funds provide a single comprehensive solution for managing a range of investment and cash management strategies across multiple markets.

Fund Connect is available exclusively via Global Link, which serves as State Street's central network offering clients access to a broad array of advanced e-finance applications and services with full connectivity to global investment managers' chosen trading destinations, including multiple exchanges, brokers, bank counterparties and other online trading venues.

The Global Link network, currently used by over 400 asset management companies, including 17 of the world's 20 largest, offers industry-leading world market research, analytics and secure, real-time trade execution services developed across multiple asset classes, including equities, foreign-exchange and fixed income. Global Link's buy-side clients, spanning 23 countries, collectively manage over half of the world's professionally managed cross-border assets. Global Link's 44 liquidity providers include some of the world's largest banks and brokers.

The Merrill Lynch Institutional Liquidity Funds plc (ILF) provide organisations in many countries around the world with a family of investment solutions for managing their short-term cash assets. Through a multi-currency structure, the ILF family of funds includes an Institutional Euro Fund, an Institutional Sterling Fund and an Institutional US Dollar Fund. Each Fund has attained the highest rating of AAAm by S&P and Aaa/MR1 by Moody's. The ILF aims to maximise yields whilst maintaining a high level of safety and liquidity and, as at 28 June 2001, had US$5.5bn in assets under management. Initially the Funds will be available via Global Link to UK qualified investors only.

Commenting on the announcement, Steve Smit, Managing Director of Global Link Europe, said "We are delighted that Merrill Lynch Investment Managers Limited (MLIM) is offering their funds through Fund Connect. It furthers our commitment to facilitate online investing into a range of funds from leading investment managers."

Colleen McDermott, Head of Institutional Liquidity Funds at MLIM, said "We are pleased to announce this partnership with State Street. As the usage of liquidity funds in Europe grows, Fund Connect offers an excellent distribution channel for our Funds. We look forward to building on this arrangement in the future."

About State Street

With $5.8 trillion in assets under custody and $703 billion under management, State Street Corporation is the world's leading specialist in meeting the needs of sophisticated global investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, United Arab Emirates, Russia, People's Republic of China, Taiwan, South Korea, Japan, Singapore and Australia. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT. For more information, please visit the company's website at www.statestreet.com.

About Merrill Lynch Investment Managers Ltd (MLIM)

MLIM is part of one of the world's largest financial organisations with more than US$525 billion under management. MLIM and the companies from which it has developed have over 35 years' experience in helping clients to achieve their financial goals. MLIM provides a broad spectrum of innovative products for institutional, mutual fund and private investors, including active, passive, quantitative, hedge fund and private equity funds.

This news release may contain forward-looking statements, as defined by U.S. securities laws, that are based on current expectations and involve a number of risks and uncertainties. Important factors, including those mentioned in this news release, that could cause actual results to differ materially are set forth in the company's annual report and subsequent SEC filings. They include risks and uncertainties relating to the sustainability of world wide economic growth and consolidations among clients and competitors. State Street encourages investors to review its annual report and SEC filings in conjunction with this announcement and prior to making any investment decision. Any forward-looking statements contained in this news release speak only as of the date of release, July 3, 2001; and the company does not undertake to revise those forward-looking statements to reflect events after the date of this release.

Contact:

Hannah Grove
State Street Corporation
(617) 664-3377
hmgrove@statestreet.com