Carolina First Bank will offer State Street Bank's Quantidex Global Funds.COLUMBIA, S.C.--(BUSINESS WIRE)--May 16, 1996--Carolina First Bank, the leading independent bank in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , announced today that its Trust Division will offer State Street Bank and Trust Company's Quantidex(TM) Global Funds. The Quantidex Funds are a series of five bank collective investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company maintained by State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. -- a Global Stock Fund and four Global Balanced Funds - which were specifically designed for 401(k) and defined benefit plans Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan . The Global Stock Fund is designed to track the performance of the Quantidex Global Stock Index, which represents more than 50% of the world's stock market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . By comparison, Standard & Poor's Index of 500 stocks represents less than 20% of the world's market capitalization. The four balanced funds invest in global stocks, global bonds and money market instruments Money market instruments See: Cash investments that have various degrees of risk through State Street's various collective index funds. "After extensive study and research we concluded that State Street's Quantidex Funds best satisfy our stringent fiduciary requirements for core investments," said Jane Brissette, the Carolina First Senior Vice President responsible for trust investments. "Conceptually Global Investing has been a superior investment strategy for well over 20 years. The Quantidex Funds allow us to offer our clients broadly diversified and disciplined Global Investing at a reasonable cost." The Quantidex Global Stock Index delivered 17% more return than the S&P with 9% less risk than the S&P during the last 20 years, according to a study by the consulting firm Ibbotson Associates. Over the past 10 years, The Quantidex Global Stock Index outperformed 92% of the stock funds in the Morningstar database. The S&P outperformed 78% of the funds over the same period. The returns of the stock funds reflect costs incurred in operating those funds. The returns of an index, by comparison, are not affected by operating costs. The Quantidex Funds were developed by Daniels & Alldredge Investment Management Inc., Birmingham, AL. Daniels & Alldredge acts as sub-advisor to the Quantidex Funds, which are bank collective investment funds maintained by State Street Bank & Trust Company of Boston. Carolina First conducted its search with the assistance of its registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in , Capital Consulting Group, Inc., Charlotte, N.C. Carolina First is a subsidiary of Carolina First Corporation (NASDAQ/NM:CAFC CAFC Court of Appeals for the Federal Circuit CAFC Canada Firearms Centre CAFC US Court of Appeals for the Federal Circuit CAFC Charlton Athletic Football Club (UK) CAFC Canadian Association of Fire Chiefs ), a $1.5 billion asset banking company based in Greenville, S.C. Carolina First Bank has $400 million in trust assets. CONTACT: Jane Brissette (803) 929-5182 |
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