BOSTON--(BUSINESS WIRE)--State Street Global Advisors (SSGA) today announced additions to its cash management product line-up designed to provide clients with options as they plan for market and regulatory changes to the cash investing landscape.
“The environment for cash investors changed dramatically after the 2008 financial crisis. We developed these products to offer a broad array of solutions to best meet the cash management needs of global institutions,” said Barry F.X. Smith, head of SSGA’s Global Cash Business. “After speaking at length with clients and conducting broad-based market research, we are confident that we are offering them the right mix of options to meet their cash investment and business needs.”
When launched, the addition of the six new funds, three money market funds and three bond funds, will bring the total number of SSGA’s cash and short term fixed income fund offerings to 14.
Prime Money Market Funds
SSGA will continue to offer prime money market funds and is adding three new prime funds to complement its flagship fund, State Street Institutional Liquid Reserves Fund.
Institutional Prime Funds:
State Street 60 Day Money Market Fund:
- The State Street 60 Day Money Market Fund will seek to provide preservation of capital while generating current income, and will serve as a bridge fund between prime and government strategies.
State Street Institutional Liquid Assets Fund:
- The State Street Institutional Liquid Assets Fund will seek to maximize current income, to the extent consistent with the preservation of capital and liquidity by investing in US dollar‐denominated money market securities. The fund will carry a maximum weighted average maturity (WAM) of 60 and maximum weighted average life (WAL) of 120.
Retail Prime Fund:
State Street Cash Reserves Fund:
- The State Street Cash Reserves Fund will seek to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value (“NAV”) by investing in US dollar-denominated money market securities.
- This fund will be offered to intermediaries with a retail client base. As a retail fund, it will seek to maintain a constant NAV. However, it is subject to Rule 2a-7’s liquidity fee and redemption gate requirements.
Short-Term Bond Funds:
To further demonstrate its short term fixed income management capabilities, SSGA intends to offer the following short-term bond funds not subject to Rule 2a-7’s liquidity fees or redemption gates:
State Street Current Yield Fund:
- This State Street Current Yield Fund will seek to provide current yield, and intends to invest up to 100% of its assets in tier II credits and maintain a maximum WAM of 45, maximum WAL of 60 and a maximum final maturity of 90 days.
State Street Conservative Income Fund:
- The State Street Conservative Income Fund will seek to provide current income, while seeking to maintain a WAM of 90 and a WAL of 250.
State Street Ultra Short Term Bond Fund:
- The State Street Ultra Short Term Bond Fund will seek to provide current income and total return. This fund will hold a diversified portfolio of investment grade securities.
“As regulations come into effect in 2016, we anticipate an increase in demand for short-term government securities,” added Smith. “In addition to these six new funds, we also continue to evaluate opportunities for new product development, and we remain actively engaged in discussions with our distribution partners and clients in an effort to understand how our investors’ liquidity and cash management needs are changing.”
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State Street Corporation.
*Assets under management were $2.2 trillion as of September 30, 2015. Please note that AUM totals are unaudited.
The Fund’s SAI includes additional information about the Fund and is incorporated by reference into this document. Additional information about the Fund’s investments will be available in the Fund’s annual and semiannual reports to shareholders.
The Prospectus and SAI are available, and the Fund’s annual and semi-annual reports will be available, without charge, upon request. Shareholders in the Fund may make inquiries to the Fund to receive such information by calling State Street Global Markets, LLC at (877) 521-4083 or by writing to the Fund, c/o State Street Global Markets, LLC, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111-2900.
Information about the Fund (including the SAI) can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Reports and other information about the Fund are available free of charge on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies of this information also may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: email@example.com, or by writing the SEC’s Public Reference Section, Washington, D.C. 20549-1520.
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.
Diversification does not ensure a profit or guarantee against loss.
U.S. Treasury bills are insured and guaranteed by the U.S. government. U.S. Treasury Bills maintain a stable value if held to maturity, but returns are generally only slightly above the inflation rate.
Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. The Fund pays State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services.
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.877.521.4083 or visit SSGA.com/cash. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
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Expiration date: 10/31/2016