BOSTON--(State Street Corporation (NYSE:STT), K&L Gates LLP and The Fletcher School of Law and Diplomacy at Tufts University (The Fletcher School), today announced a unique, collaborative relationship to provide strategic insight, quantitative, independent research and thought leadership focused on public policy issues and investment challenges facing sovereign wealth funds (SWFs), institutional investors, central banks, governments and international organizations.)--
“Sovereign wealth funds continue to play an important role in the global financial landscape”
The collaboration combines the expertise and world-class educational resources of the oldest graduate school of international affairs in the United States with one of the world’s leading providers of financial services to institutional investors and the fastest-growing global law firm. It also builds upon the momentum created by the Sovereign Wealth Fund Initiative, based at the Center for Emerging Market Enterprises (CEME) at The Fletcher School. State Street Corporation and K&L Gates are current sponsors of research and thought leadership through the Sovereign Wealth Fund Initiative.
The accumulation of resource wealth and export earnings by emerging and commodity exporting economies has led to an accelerated growth of sovereign wealth investment through a rapidly growing number of sovereign wealth funds. With $3.8 trillion in assets under management in 2009 and projections of growth to $5.5 trillion by 20121, sovereign wealth funds have emerged as important players in today’s dynamic global capital markets. The shift in global capital flow to sovereign investors presents both opportunities and challenges that demand an independent forum with access to world class resources that provide insight and critical thinking on topics ranging from resource nationalism and global capital markets to matters of socio-political risk, transparency and governance.
In 2011, the joint initiative will deliver a series of bilateral webinars for select managers and executives, as well as thought pieces, research, and focused executive education programs. The collaboration was launched on January 11, 2011 at State Street’s Middle East client conference taking place in Dubai, United Arab Emirates. Daniel Drezner, professor of international politics at The Fletcher School, author and contributing editor to Foreign Policy magazine, is a keynote speaker for the two-day event.
“Sovereign wealth funds continue to play an important role in the global financial landscape,” said Joseph Antonellis, vice chairman of State Street Corporation. “This collaboration will help bring our quantitative research insights and innovative portfolio and risk management tools to an even broader academic audience to offer unique insights into this important market segment.”
"The increasing size and visibility of sovereign wealth funds and other long-term cross-border investors have triggered heightened scrutiny on the part of recipient countries," according to Thomas F. Holt, Jr., a partner in K&L Gates' Boston office and adjunct professor of law at The Fletcher School of Law & Diplomacy. "K&L Gates' collaboration with The Fletcher School and State Street will provide sovereign wealth funds with guidance as to how they might best succeed within a variety of complex legal and regulatory regimes."
"Sovereign wealth funds require sound leadership who understand the intricate socio-political environments of emerging markets as they diversify their investments by asset class and geography,” said Dr. Eliot Kalter, senior fellow at The Fletcher School’s Center for Emerging Market Enterprises. “Our collaboration with State Street and K&L Gates will provide both a sounding board of resources from numerous fields of expertise and a best-practices approach that SWF managers and executives require to navigate the complexities of an ever-changing global financial environment.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment management, investment research and trading and investment servicing. With $20.2 trillion in assets under custody and administration and $1.9 trillion in assets under management at September 30, 2010, State Street operates in 25 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.
About K&L Gates LLP
K&L Gates delivers legal services on an integrated and global basis, with nearly 2,000 lawyers located in 36 cities in North America, Europe, Asia and the Middle East, and represents numerous GLOBAL 500, FORTUNE 100, and FTSE 100 corporations, in addition to growth and middle market companies, entrepreneurs, capital market participants and public sector entities. For more information, visit www.klgates.com.
About The Fletcher School at Tufts University & The Center for Emerging Market Enterprises
Since 1933, The Fletcher School has been committed to preparing the world’s leaders by providing a uniquely global perspective of international relations. The Fletcher School’s ability to advance world knowledge through research and scholarship has helped to shape the careers of myriad prominent figures, including prime ministers, thousands of ambassadors, CEOs of global corporations, thought leaders, and politicians. Today, Fletcher alumni hold many top offices in government, business, and nongovernmental organizations across the globe.
The Center for Emerging Market Enterprises (CEME) at The Fletcher School, Tufts University is a hub of emerging thinking for emerging markets. Conceived for research, study, and networking dedicated exclusively for companies and institutions operating in dynamic and volatile emerging and frontier markets, CEME develops and provides research, consulting, training, and a forum to share best practices.
1 According to International Financial Services London estimates