UC Investments and State Street Announce Strategic Alliance

State Street Corporation and UC Investments, the investment arm of the University of California, announced an effort to give individuals in the university system’s retirement plan access to wealth building tools. 

The initiative will combine investment technologies and artificial intelligence to provide individuals with a broader spectrum of investment opportunities, including private markets. The firm and the plan sponsor also seek to enhance financial literacy and deliver personalized, digitally-enabled investments through a “superapp”—a single platform with multiple investment management services—that will be offered to UC’s 353,000 defined contribution plan participants. 

“This alliance strengthens our enduring relationship with UC Investments,” said Ron O’Hanley, chairman and chief executive officer of State Street, in a statement. “It reflects our mutual commitment to harnessing technology and innovation to enhance financial outcomes for individual investors and their families.” 

The initiative builds on an existing partnership between the two organizations. State Street managed $110 billion of UC Investments’ $193 billion portfolio, as of July 1, and provides custody and investment services across most of its assets. 

“We’re proud to expand our partnership with State Street to deliver the kinds of insights, tools, and investment access that have historically been reserved for large institutions or ultra-wealthy investors,” said Jagdeep Singh Bachher, chief investment officer for the University of California Office of the President and head of UC Investments, in a statement. “Our goal is to help every UC community member take control of their financial future – using AI, data, and design to build a long-term plan for wealth and security.” 

State Street had $46.7 trillion in assets under custody and/or administration and $4.7 trillion in assets under management as of March 31.