GovernanceMetrics International
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State Street Global Alliance Acquires Interest in GovernanceMetrics International
Boston and New York, August 24th, 2004 - State Street Global Alliance, LLC and GovernanceMetrics International(GMI) announced today a definitive agreement by which Global Alliance has acquired a minority interest in GMI. State Street Global Alliance is a strategic venturing partnership jointly-owned by State Street Global Advisors (SSgA) and the Dutch pension fund ABP, one of the world’s largest pension funds. GMI is a global corporate governance research and ratings firm that publishes corporate governance ratings on more than 2600 companies in 21 markets. Founded in 2000, GMI is based in New York.
State Street Global Alliance focuses on forging strategic partnerships with innovative specialty asset management firms around the world that jointly allow SSgA and ABP to expand their existing investment capabilities. GMI is led by Gavin Anderson, president and chief executive officer, and Howard Sherman, chief operating officer. GMI research analysts include experienced professionals with backgrounds in portfolio management, security analysis, corporate law, proxy analysis, investor relations, credit analysis, board evaluation services, and academic research.
“As a market leader with an outstanding reputation in the marketplace, GMI is an excellent addition to State Street Global Alliance,” said Joe Lyons, senior principal, State Street Global Alliance, LLC. “In these times of heightened awareness and sensitivity to the importance of strong corporate governance, Global Alliance is excited to be aligned with an industry leader. Gavin and his team bring tremendous experience and expertise to this field. We look forward to the opportunity to offer GMI’s value-added services to current and future SSgA clients.”
Subscriptions to its Web-based service represent GMI’s principal source of revenues. Subscribers consist of institutional investors, including mutual funds, money management firms and pension funds as well government agencies, corporations and professional advisory firms. Annual subscriptions for GMI’s corporate governance rating services are available on three levels: by geographic region (e.g., companies rated by GMI in North America, Europe or the Asia Pacific Region), by market sector (e.g., healthcare), or, for smaller institutions, through customized portfolio coverage.
"We are pleased to join the network of Global Alliance companies who share the common values of innovation and excellence,” said Anderson. “We look forward to leveraging the global brand, infrastructure and reputation of Global Alliance to expand on the delivery of independent evaluations of corporate governance at publicly-listed companies.”
About State Street Global Alliance
State Street Global Alliance, LLC, founded in 2001, is the strategic venturing
partnership jointly owned by State Street Global Advisors and one of the
world’s largest pension funds, Stichting Pensioenfonds ABP (ABP). State Street
Global Alliance seeks to develop partnerships with innovative asset managers
worldwide to develop investment excellence and innovation with growth rates in
excess of industry averages. State Street Global Alliance currently consists of
six majority owned companies and two minority investments. For more
information, visit www.ssgaglobalalliance.com.
About State Street Global Advisors
State Street Global Advisors, the investment management group of State Street
Corporation, delivers investment strategies and integrated solutions to clients
worldwide across every asset class, investment approach and style. With $1.2
trillion in investment programs and portfolios, State Street Global Advisors
has investment centers in Boston, Hong Kong, Tokyo, Singapore, London, Paris,
Montreal, Munich, and Sydney, and offices in 28 cities worldwide.