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Equities
Overview

State Street Global Markets is the investment research and trading arm of State Street Corporation. Our goal is to enhance and preserve the value of our clients’ portfolios. In global equity markets State Street Global Markets’ volume exceeded $198 billion in 2005. In addition, State Street Global Markets is a leading provider of transition management, which offers trading advisory services and finely priced market execution with a fiduciary standard of care. In 2005 $300 billion in assets were transitioned in more than 800 individual transactions.

As well as trading capabilities, State Street Global Markets has offered equity research since 2001. There are two main strands to this research: strategy products and quantitative products.

Strategy products

State Street is world’s leading provider of investment services with $10.7 trillion in assets under custody. It provides safekeeping, settlement and accounting for approximately 15 percent of the world’s tradable securities. As a result State Street is able to measure investor behavior in the form of aggregated flows, holdings and borrowing across 45 equity markets. The Equity Flow Indicator developed by State Street Global Markets’ research partnership, State Street Associates, also records buying and selling by institutional investors across 10 sectors and 67 industries globally.

These measures form an important proprietary input for State Street Global Markets’ Equity Strategy Research Team when making country and sector recommendations. These strategists have been analyzing this information since 2001 and have developed a unique understanding of the interaction between institutional investor behavior and equity markets. State Street Global Markets’ Equity Strategy Research Team applies the perspective from flows to fundamental equity analysis to offer a highly differentiated suite of research products each designed to help build better performing portfolios.

Quantitative products

The Quantitative Research Team uses information from published financial accounts and market metrics such as momentum to measure factor effectiveness within defined stock universes, using synthetic long-short portfolio methods. This process is objective and rigorous. The results are used to create a multi-factor model to assess the attractiveness of the constituents of a given universe.

The output of this process is a quantitative ranking of all the stocks in a given sector. This ranking is intended to assess the relative attractiveness of individual securities within the sector. The Quantitative Research Team published its first monthly report on US Large Cap Equities in February 2006 and its first report on the US Mid Cap universe in June 2006.
    
    
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