The company said it plans to shift its focus to core growth and value domestic equity investing and will transfer the $50 million State Street Research International Equity Fund to Lincoln, Massachusetts-based Quantitative Investment Advisors Inc.
Quantitative will merge the assets of the Fund with their $30 million Quant Foreign Value Fund.
State Street has also notified its institutional investors of the decision to move out of international investing and has asked them to find new managers for the approximately $74 million of institutional investor assets managed by the company in international equities.
This is the latest in a series of restructuring moves for the company. State Street has previously laid-off 11% of its workforce as it withdrew from offering 401(k) plans and separate account operations. Additionally, the company has cut its retail mutual fund offerings from 20 to 14 this year.
State Street Research & Management is a unit of MetLife Inc. and is not affiliated with State Street Corp. The company currently manages $46 billion in assets.
« August Transfers Slow – Some