State Street Bank and Trust Company and State Street Global Advisors, Inc.
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- State Street Funds Under Investigation
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- State Street Global Advisors Yield Plus Fund, symbol: SSYPX
- State Street Global Advisors Intermediate Bond Fund
- State Street Global Advisors High Yield Bond Fund: SSHYX
- State Street Global Advisors Enhanced Intermediate Bond Fund
- State Street Global Advisors US Government Credit Bond Fund
- State Street Global Advisors Yield Plus Fund
- State Street Global Advisors Limited Duration Bond Fund
Overview
Bond Troubles Continue To Dog State Street
Troubles over the management of bond funds tied to the subprime mortgage industry continue to plague State Street, the Boston-based financial services giant. State Street's problems stem from when it marketed a number of bond mutual funds — including the Limited Duration Bond Fund, Intermediate Bond Fund, Enhanced Intermediate Bond Fund, Government Credit Bond Fund, Daily Bond Market Fund and Yield Plus Fund — to institutional investors as safe and conservative investments.
Pension Funds and Institutions Investing in State Street Bond Funds Need To Investigate Their Options
As of October 2007, five State Street bond mutual funds have had their assets diminished by 43%. State Street marketed its Limited Duration Bond Fund, Intermediate Bond Fund, Enhanced Intermediate Bond Fund, Government Credit Bond Fund, Daily Bond Market Fund and Yield Plus Fund to institutional investors as safe, conservative investments. These investments have turned out to be anything but safe.
News Commentary
When Safe Investments Aren't
The Boston-based financial services giant, State Street, continues to take heat over its management of bond funds that were touted as safe, conservative investments, yet posted significant losses this past summer because of holdings tied to the subprime mortgage industry.
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