This is the first year for The Hedge Fund Journal Awards, an event which recognizes “the leading service providers to the European hedge fund industry.”

“IFS is renowned for delivering the best customer service of any provider, and this award clearly reflects this reputation,” Gary Enos, executive vice president and head of State Street’s alternative investment servicing business. “We continually augment our hedge fund offerings to stay ahead of the industry’s changing requirements and our customers’ needs. We are pleased that this ongoing investment in technology is recognized by the industry.”

IFS, a leading provider of fund accounting and administration as well as trade support and middle office services for alternative investment portfolios , has repeatedly been ranked best in hedge fund administration in the Global Custodian Hedge Fund Administration Survey, and also received top ranking in the survey’s Dublin and East Coast (US) categories. IFS has approximately 1,200 employees located in offices in New York, Drogheda, Dublin and Naas.

“We hear a lot about the fund managers. We wanted to celebrate the work done by the leading service providers who together have provided an effective platform for the spectacular growth of the hedge fund industry in Europe, particularly over the last 5 years, and against a backdrop of enhanced regulatory scrutiny and increasingly sophisticated investment strategies,” said Rod Sparks, publisher of TheHedge Fund Journal. “The judges praise the fine work done by all the firms that made the final lists, not just the winners.”

State Street provides a complete set of servicing and management solutions for hedge funds including recordkeeping, fund accounting, valuation, risk management and regulatory reporting. In 2002, State Street acquired International Fund Services and today services more than $190 billion in alternative investment assets.

About State Street:
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading services. With $11.9 trillion in assets under custody and $1.7 trillion in assets under management at December 31, 2006, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.

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