State Street Appoints Nicholas Bonn to Lead Its Securities Finance Business

State Street Corporation (NYSE:STT), one of the world’s leading providers of financial services to institutional investors, today announced the appointment of Executive Vice President Nicholas (Nick) Bonn, to head its securities finance business. Bonn, an 18-year veteran of State Street, will report to David Puth, executive vice president and head of State Street’s Global Markets business.

State Street’s Securities Finance business covers 32 equity markets and 21 fixed income markets for approximately 450 clients from more than 30 countries. With nearly $2.3 trillion in lendable assets and more than $400 billion in average assets on loan (as of March 31, 2010), the team has trading relationships with 89 of the top 100 global investment managers and operates trading desks in Boston, Hong Kong, London, Sydney, Tokyo and Toronto.

Bonn, age 49, has held a variety of leadership positions throughout his career at State Street, including responsibility for establishing State Street’s broker/dealer subsidiaries in the US, Canada, Japan and the UK. He managed State Street’s equity trading and transition management businesses for 17 years during which time the company became one of the largest transition managers in the world. Bonn most recently served as global head of sales and client development for State Street Global Markets.

"Nick has a wide range of experience across State Street, having worked in senior capacities across many of our high-growth businesses during his nearly two decades with the company. He combines extensive relationships with our clients and the consultant community with a deep understanding of the key facets of the securities industry,” said Puth. "Nick, together with a strong and deeply tenured leadership team, is well placed to deliver our clients the securities finance solutions they require in today’s dynamic market environment.”

Underscoring its commitment to further advancing solutions for its securities finance clients, State Street also announced today the appointments of Doug Stern and Yvonne Wong to its Enhanced Custody business, the servicing solution for long/short strategies. Launched in 2008 as a natural extension of State Street’s current securities finance offering, Enhanced Custody was developed in direct response to clients’ need for more efficient and streamlined ways to service long/short and leveraged strategies.

Stern joins as senior managing director and head of Global Business Development and Client Service for Enhanced Custody and Wong joins as managing director and head of business development for Asia Pacific. The full-service Enhanced Custody solution provides clients with the ability to engage in direct borrowing and financing from their own long positions.

About State Street

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 $19 trillion in assets under custody and administration and $1.9 trillion in assets under management at March 31, 2010, State Street operates in 25 countries and more than 100 geographic markets worldwide. For more information, visit State Street at www.statestreet.com.