SSgA Funds Management to Acquire Two STOXX-Linked Exchange Traded Funds.Business Editors BOSTON--(BUSINESS WIRE)--April 12, 2004 SSgA Funds Management, Inc. (SSgA FM), announced today that Fresco Index Shares Funds has filed preliminary proxy materials with the Securities and Exchange Commission asking shareholders to approve a new investment advisory agreement between the Trust and SSgA FM and elect five new Trustees. If approved by shareholders at the Special Shareholder Meeting scheduled to be held on June 16, 2004, management of the two Fresco-branded exchange traded funds Exchange Traded Funds (ETF) Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. , the Fresco Dow Jones STOXX 50 Fund (FEU) and the Fresco Dow Jones Euro STOXX 50 Fund (FEZ), would be transferred from UBS Global Asset Management UBS Global Asset Management was the multinational investment unit of UBS AG, a very large multinational financial firm formed in 1998 from the merger of Union Bank of Switzerland and the Swiss Bank Corporation. (US) Inc. to SSgA FM on or about July 1, 2004. At that time, SSgA FM would re-brand the Funds to align them with SSgA FM's streetTRACKS family of exchange traded funds ("ETFs") which today includes eight funds with more than $1 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in the U.S. SSgA FM, 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. ("State Street") and other affiliates of State Street comprise State Street Global Advisors, the investment management arm of State Street Corporation (NYSE NYSE See: New York Stock Exchange :STT). State Street Global Advisors is the largest institutional investment manager in the world. "The Dow Jones STOXX 50 and Dow Jones Euro STOXX 50 indices are widely recognized proxies for gaining exposure to the European and Eurozone Eurozone Noun same as Euroland Eurozone n → eurozona, zona euro Eurozone n → zona euro markets respectively," said Gus Fleites, managing director of SSgA's Advisor Strategies unit. "We would welcome these products to our U.S.-registered streetTRACKS family of exchange traded funds and the opportunity they afford us to expand on our foreign stock investment options." ETFs combine the benefits of both indexing and mutual funds within a single-listed security. State Street Global Advisors, in connection with the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , created the world's first ETF ETF See Exchange Traded Fund. ETF See exchange-traded fund (ETF). and today is one of the largest ETF managers in the world with more than $63 billion in ETF assets under management worldwide. State Street Global Advisors and SSgA FM, deliver investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.2 trillion in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich, and Sydney, and offices in 28 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com or www.streetTRACKS.com. "Dow Jones STOXX 50" and "Dow Jones EURO STOXX 50" are service marks of Dow Jones & Company, Inc. and STOXX Limited. STOXX Limited is a joint venture between Deutsche Boerse AG, Dow Jones & Company, and SWX Group. |
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