State Street Appointed by LibreMax Capital LLC to Provide Hedge Fund Administration Services

State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, today announced that it had been selected by LibreMax Capital, LLC to provide fund administration services for its newly launched hedge fund.

LibreMax Capital was founded by former Deutsche Bank executives Fred Brettschneider and Greg Lippmann.

International Fund Services (IFS), State Street’s hedge fund administration company which is part of its Alternative Investment Solutions group, provides administration services to the fund which was launched in October.

"Appointing State Street to provide our new fund with administration services enables us to focus entirely on achieving investment results,” said Greg Lippmann, co-founder and chief investment officer of LibreMax Capital. "State Street’s proven track record of servicing some of the most complex hedge funds in the industry made it the clear choice for this assignment.”

"In today’s highly competitive market with increased demand for transparency, more hedge fund managers are electing to use third party providers for their administration requirements,” said George Sullivan, executive vice president of State Street’s Alternative Investment Solutions group. "State Street has a wealth of experience servicing a range of hedge funds, and we look forward to building a productive partnership with LibreMax Capital.”

Driven by increasing demand for third-party administration, State Street’s Alternative Investment Solutions group has experienced significant growth in recent years. The broad scope of the company’s hedge fund servicing offerings allow State Street to develop individual, highly specialized solutions that can meet virtually any level of asset servicing requirements for clients across a broad range of sizes and levels of complexity. Using leading-edge technology, IFS’s highly experienced team collaborates with clients around the globe, including many of the world’s largest hedge funds.

Separately, State Street recently took top honors in HFMWeek’s 2010 US Hedge Fund Services Awards. State Street was named "Best Administrator over $30 Billion in Assets Under Administration – Overall” in the award competition sponsored by HFMWeek magazine. The awards recognize excellence and innovation in the hedge fund servicing industry.

Judges in the 2010 US Hedge Fund Services Awards cited State Street’s response to industry challenges in 2009 and 2010, including its development of an advanced OTC valuation capability to help clients better manage risk. State Street introduced a new investor transparency tool for clients in response to demand for enhanced transparency reporting.

State Street also secured honors as European Private Equity Fund Administrator of the Year in the International Custody and Fund Administration (ICFA) European awards. The awards recognize, highlight and reward excellence and specific achievement in many sectors of the international investment back office.

State Street’s hedge fund services are part of its Alternative Investment Solutions group. With more than $625 billion in alternative assets under administration as of September 30, 2010, State Street’s Alternative Investment Solutions Group provides a complete suite of fund accounting, fund administration, corporate administration, risk and credit services to institutional investors, hedge fund managers, private equity fund managers and real estate fund managers. The team includes more than 3,000 employees worldwide.

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment management, investment research and trading and investment servicing. With $20.2 trillion in assets under custody and administration and $1.9 trillion in assets under management at September 30, 2010, State Street operates in 25 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.