State Street Global Advisors Appoints Edward G. Riley, Jr., Chief Investment Strategist; Addition Furthers Expansion of Active Fundamental Investment Strategies

Business Wire, Dec 27, 1999

Business Editors

BOSTON--(BUSINESS WIRE)--Dec. 27, 1999

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation, today announced the appointment of Edward "Ned" G. Riley, Jr. to chief investment strategist.

In his new role, Riley will join SSgA's Global Fundamental Strategies team to develop active fundamental investment policy for the firm's institutional and high-net-worth clients.

The Global Fundamental Strategies team focuses on bottom-up stock selection as the primary contributor to performance. Led by Jeffrey P. Davis, chief investment officer of Global Fundamental Strategies, this team is comprised of 30 portfolio managers and dedicated research analysts who employ a long-term growth approach when developing portfolios. Riley will report to Davis.

Davis said: "The incredible demand by institutions and high-net-worth individuals has enabled us to triple the assets under management in our active fundamental strategies in the past 18 months. Ned, with three decades of experience, will bring added depth to our talented investment team whose solid performance has fueled this growth."

Riley said: "SSgA has experienced exceptional growth in assets under management of 30 percent annually over the past decade. I am excited to become part of the multi-disciplined investment team that has spurred this growth."

The role of chief investment strategist for the Global Fundamental Strategies unit is a new position.

Riley joins SSgA from BankBoston Corporation, Boston, Mass., where he was chief investment officer overseeing the investment activities for $32 billion in assets. In this role, he oversaw 120 portfolio managers, assistants, and support personnel and was a chairman of the BankBoston Investment Management Committee. Riley also acted as the chief spokesperson for all of BankBoston's investment activities and managed all investment activities for mutual funds, institutional, personal and international portfolios. He managed the Boston 1784 Mutual Funds, with $10 billion in assets, from their inception in 1993 to the present.

While at BankBoston, Riley oversaw the integration of the investment operations of acquired firms such as Rhode Island Hospital Trust, South Shore National Bank, BayBanks and CASCO Northern. Prior to his role as chief investment officer, Riley was president and chief operating officer of Eagle Investment Associates, the counseling arm of BankBoston, focusing on the investment needs of high-net-worth individuals and small institutions.

SSgA, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $582 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, SSgA has full investment operations in Hong Kong, Tokyo, London, Paris, Montreal, Munich and Sydney. It also has offices in Brussels, Dubai, Guangzhou, Milan, Moscow, Prague, Santiago, Toronto, Zurich, and Montpellier, France. In the United States, it has offices in Atlanta, Ga.; Chicago, Ill.; Clearwater, Fla.; Greenwich, Conn.; Hartford, Conn.; Jacksonville, Fla.; Manchester, N.H.; Minneapolis, Minn.; Naples, Fla.; Osterville, Mass.; Purchase, N.Y.; and San Francisco, Calif. For more information, visit SSgA's website at www.ssga.com.

With $5.3 trillion in assets under custody and $582 billion under management, State Street Corporation is the world's leading specialist in serving institutional 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, Austria, United Arab Emirates, Russia, People's Republic of China, Taiwan, Korea, Japan, Singapore, Australia, and New Zealand. State Street Corporation's common stock is traded on the New York Stock Exchange under the symbol STT. For more information, visit State Street's website at www.statestreet.com.