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State Street Corporation (NYSE:STT) shares are trading lower premarket on Thursday. The company’s asset management division, State Street Global Advisors, disclosed a strategic equity investment in Ethic Inc.
In addition to the investment, SSGA and Ethic have formed a strategic partnership to offer tailored investment solutions at scale for SSGA’s institutional and financial intermediary clients.
The partnership focuses on developing and managing customized separately managed accounts, model portfolios, and unified managed accounts in collaboration with Ethic and SSGA.
It also aims to provide an interactive experience for advisors and clients, including unique proposal generation, portfolio transition plans, and reporting.
Yie-Hsin Hung, chief executive State Street Global Advisors, said, “Ethic has seen incredible growth in a short period thanks to industry-leading technology and deep expertise that help advisors deliver portfolios that reflect what matters most to clients. Ethic’s platform has become a standard-bearer for customization, and we’re excited to help them reach new audiences.”
Ethic CEO Doug Scott added, “With this new funding round and strategic partnership, we’re excited to be accelerating the adoption of personalized, values-aligned, and tax-smart investing.”
Investors can gain exposure to the stock via Themes Global Systemically Important Banks ETF (NASDAQ:GSIB) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: STT shares are down 3.78% at $86.20 premarket at the last check Thursday.
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