State Street-ABP J.V. Seeks To Grow

Dec 12 2006 | 1:28pm ET

State Street Global Alliance, the family of early-stage asset management firms jointly owned by State Street Global Advisors and Dutch public pension fund Stichting Pensioenfonds ABP, is planning to add to its stable of seven portfolio companies with $100 million commitment of acquisition capital and $1 billion in seed capital.

“ABP, together with SSgA, recognized very early that the smaller, niche firms offering non-traditional strategies are often where the greatest opportunities lie for value creation,” ABP’s chief investment officer for alternatives, Paul Spijkers, said in a statement.

The venture is a sort of asset management private equity firm, investing in young asset management companies in an effort to produce p.e.-like returns.

State Street Global Advisors, the investment management arm of State Street Corporation. The firm is managing some $1.6 trillion in assets as of the end of September.

ABP is the pension fund for employers and employees in service of the Dutch government and the educational sector. With an invested capital of more than euro 200 billion, ABP is the third largest pension fund in the world.

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