ABP-SSGA alliance buys governance firm stake
NETHERLANDS/US – The venture partnership between Stichting Pensioenfonds ABP and State Street Global Advisors has bought a minority stake in US corporate governance firm GovernanceMetrics International.
State Street Global Alliance and GMI, in a joint statement, did not disclose the size of the stake or the price.
New York-based GMI is a global corporate governance research and ratings firm that rates more than 2,600 companies in 21 markets. It was founded in 2000 and is lead by chief executive Gavin Anderson, who left the PR firm that bears his name in the same year.
“As a market leader with an outstanding reputation in the marketplace, GMI is an excellent addition to State Street Global Alliance,” said Joe Lyons, the alliance’s senior principal, State Street Global Alliance.
“In these times of heightened awareness and sensitivity to the importance of strong corporate governance, Global Alliance is excited to be aligned with an industry leader.”
The statement said GMI subscribers consist of institutional investors, including mutual funds, money management firms and pension funds as well government agencies, corporations and professional advisory firms.
"We are pleased to join the network of Global Alliance companies who share the common values of innovation and excellence,” said Anderson.
“We look forward to leveraging the global brand, infrastructure and reputation of Global Alliance to expand on the delivery of independent evaluations of corporate governance at publicly-listed companies.”
Meanwhile, the State Street Investor Confidence Index for August rose by 2.4 points from July’s revised reading of 84.6.