BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE: STT) today announced strategic engagements with leading industry and education-focused organizations that advocate for and support the advancement of Black and Latinx professionals in financial services, including within the asset management industry.
As part of its commitment to combating racial inequities within the global asset management industry, State Street will work with four organizations with a goal of providing career exploration, inclusion, diversity and equity (ID&E) best practices, employment and professional development opportunities. The organizations include:
- A Better Chance, Inc. (ABC) – Founded in 1963, ABC recruits, trains and procures scholarships for academically talented students from under-represented communities to attend leading independent preparatory schools across the United States. ABC supports approximately 2,000 scholars per year across 250+ schools and maintains an alumni base of more than 17,000 across all experience levels.
- National Association of Securities Professionals (NASP) – This 35-year old trade association is the largest of its kind educating and advocating for Women and Minorities in the Securities Industry. NASP partners with industry, lawmakers and community leaders to create fair policies and business opportunities for its 600+ membership base, with a heavy emphasis on the asset management industry.
- The Toigo Foundation (Toigo) – This diversity leadership platform was introduced in 1989 with a mission to identify, develop and promote exceptional diverse finance leaders and to inspire change through education and strategies that drive greater inclusion within the financial services industry. Toigo has been recognized and operated within this landscape for 30+ years — first through its MBA Fellowship supporting rising diverse leaders, and more recently extending its work through every aspect of leadership.
- Association of Luxembourg Fund Industry (ALFI) – This European based industry association represents over 1,500 Luxembourg domiciled asset managers, funds and related service providers. ALFI organizes conferences and other forums to share ID&E best practices and collaborates with industry participants to provide scholarships and internships to under-represented talent in the asset management industry.
“Working together with these organizations will help us to address the societal challenges and inequities facing Black and Latinx talent by providing education on, access to and career opportunities in the asset management industry,” said Kathy Horgan, executive vice president and chief human resources and citizenship officer at State Street. “We are committed to fostering an inclusive culture as well as a diverse pipeline of talent within and across the industry.”
Today’s announcement supports State Street’s 10 Actions to address racism and inequality in the workplace and our communities including a specific action to attract and advance more Black and Latinx people into the asset management industry. In support of other actions, State Street announced in February its support and participation in the Management Leadership for Tomorrow’s (MLT) Black Equity at Work Certification, a results-driven certification program addressing the persistent inequities faced by Black professionals across corporate America. In March, the company also announced its commitment to expanding our relationships and increasing financing partnerships with Minority, Women and Veteran Business Enterprises.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $40.3 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management as of March 31, 2021 includes approximately $60 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
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