State Street acquired its Kansas City operations through the 1995 purchase of Investors Fiduciary Trust Company (IFTC) from DST Systems, Inc. and Kemper Financial Services, Inc. Three years later, State Street broke ground on a second building at its Pennsylvania Avenue site to accommodate future business growth.
Today, under Managing Director and State Street Senior Vice President Allen Strain and with more than 1,000 employees in the city, State Street provides services such as custody, portfolio accounting, insurance services, fund administration and accounting, trust and retirement services and cash management to institutional customers that include GE Insurance Solutions, MetLife, PIMCO, Pacific Life and Prudential. Kansas City is also the headquarters for State Street's Portfolio Accounting System (PAS), an integrated system which automates mutual fund accounting and investment management record keeping processes.
"We have been delighted with the success of our operation in Kansas City, which has become the backbone of our highly successful U.S. insurance servicing business," said Ronald E. Logue, chairman and CEO of State Street Corporation. "The growth and success that we have experienced there over the past 10 years are testaments to the talent of our employees and the continuing demand from our customers for high quality, high value investment servicing."
Supporting State Street's commitment to the local communities in which it conducts business, State Street's local philanthropy outreach in the Kansas City area has included participation in the company's Global Volunteer Month resulting in over 180 employees participating in volunteer opportunities at 6 local charitable organizations during the month of December. These organizations included the Salvation Army, American Cancer Society's Hope Lodge, Kansas City Community Kitchen, Harvesters, Mid-America Cancer Institute, and Toys for Tots. In 2004, employees contributed more than 6,500 hours to charitable efforts in the Kansas City community.
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. With $9.5 trillion in assets under custody and $1.4 trillion in assets under management as of December 31, 2004, State Street operates in 25 countries and more than 100 markets worldwide. For more information, visit State Street's web site at www.statestreet.com.