State Street Global Advisors, the asset management business of State Street Corporation , announced the launch of a new money market fund share class, the Opportunity Class, which will benefit philanthropic organizations whose values align with State Street’s commitment to racial equity and social justice.
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“The State Street Foundation is pleased to partner with the cash business in identifying recipient organizations whose focus aligns with the objectives of the Opportunity Class shares”
With the launch of the new Opportunity Class shares within State Street Global Advisors’ existing money market fund suite, the firm is answering the call from clients who are increasingly interested in supporting I&D initiatives with their strategic cash investments.
“As one of the world’s largest fiduciary managers who is deeply committed to ESG-focused asset stewardship, we see it as our responsibility to offer our clients an opportunity to have a positive impact within their cash investment strategy,” said Kim Hochfeld, global head of the cash business for State Street Global Advisors. “Our clients are more interested than ever in a holistic, action-oriented approach to inclusion and diversity initiatives.”
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The State Street money market funds’ investment adviser, SSGA Funds Management, Inc., will donate out of its own assets at least 20% of its annual net management fee received from assets invested in the Opportunity Class shares to charitable organizations that align with State Street’s 10 Actions Addressing Racism and Inequality. Leveraging the grantmaking guidelines and methodology of State Street Foundation, State Street’s charitable arm, State Street Global Advisors identifies recipient philanthropic organizations to support.
“The State Street Foundation is pleased to partner with the cash business in identifying recipient organizations whose focus aligns with the objectives of the Opportunity Class shares,” said Joe McGrail, President of the State Street Foundation. “The State Street Foundation seeks to bring communities lasting economic benefits, with primary strategic focus areas of education and workforce development. Our grantmaking guidelines explicitly incorporate racial equity and social justice criteria, including diversity across dimensions of population served, organizational leadership, staff, and board of directors.”
The State Street money market funds that offer the Opportunity Class shares are as follows:
- State Street Institutional U.S. Government Money Market Fund (OPGXX)
- State Street Institutional Treasury Plus Money Market Fund (OPTXX)
- State Street Institutional Treasury Money Market Fund (OPRXX)
- State Street Institutional Liquid Reserves Fund (OPIXX)
- State Street ESG Liquid Reserves Fund (OPEXX)
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