State Street Deepens Ties with Raytheon Technologies

State Street Corporation (NYSE: STT) recently announced it has been selected by Raytheon Technologies (NYSE: RTX) as trustee, custodian, asset manager, securities lending agent and transition manager for the Raytheon Technologies Corporation Savings Plan Master Trust, a $54 billion master trust which holds assets for all U.S.-based defined contribution plans sponsored by Raytheon Technologies.

As part of this arrangement, Raytheon Technologies renewed a number of services for the Raytheon Technologies Corporation Savings Plan Master Trust with State Street including trustee, custody, accounting, performance measurement, benefit payments and investment management services. Additionally, the agreement extended its scope to encompass new securities lending and transition management services. Raytheon Technologies opted to renew and expand the relationship with State Street based upon their long-standing strategic partnership which spans more than 30 years.

"State Street is delighted to expand our very important relationship with Raytheon Technologies," said Francisco Aristeguieta, chief executive officer of State Street Institutional Services. "This deal represents the collective talent across our organization and our unique ability to provide our clients a comprehensive solution for all of their critical needs. We look forward to partnering with the internal teams at RTX, and are committed to providing all of the appropriate resources and expertise as we expand this very important relationship."

"We are delighted to have awarded this mandate to State Street after conducting an extensive and rigorous selection process that spanned many months and multiple foundational services, all critical to the delivery of our world class benefit programs," said Robin Diamonte, Chief Investment Officer and Corporate Vice President at Raytheon Technologies. "We feel the quality of their teams and their commitment to all aspects of investment servicing, index fund management and portfolio restructuringset them apart, and we look forward to expanding our already strong and enduring relationship."